Market-determined USD
Stock market cheered yesterday as Secretary Treasury nominee Janet Yellen testified at her confirmation hearing. Six points she made during the hearing:
1. More fiscal stimuli
2. The new administration won’t seek to weaken the dollar; the dollar should be determined by the market
3. Pandemic relief before tax hikes
4. She’s examining the prospect of issuing 50-year Treasury notes
5. Combatting climate change and promoting use of electric cars are on top of the list
6. The new administration will toughen up and take on China’s unfair trade practices.
Nasdaq rose by 1.53%; WTI rose by 1.47%; gold inched up by 0.64%; EV ETFs rose by 3.14%; US dollar unchanged. The dollar shall remain subdued as Fed continues easing and EM growth accelerates. See USD Fundamentals.
1. More fiscal stimuli
2. The new administration won’t seek to weaken the dollar; the dollar should be determined by the market
3. Pandemic relief before tax hikes
4. She’s examining the prospect of issuing 50-year Treasury notes
5. Combatting climate change and promoting use of electric cars are on top of the list
6. The new administration will toughen up and take on China’s unfair trade practices.
Nasdaq rose by 1.53%; WTI rose by 1.47%; gold inched up by 0.64%; EV ETFs rose by 3.14%; US dollar unchanged. The dollar shall remain subdued as Fed continues easing and EM growth accelerates. See USD Fundamentals.
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