Dollar resumes slide, US indices roar higher

It looks like everything is back to normal as the USD resumed its decline on Tuesday, which sent US indices notably higher.

At the time of writing, the EURUSD pair was up 0.40% at around 1.2120, while the Nasdaq 100 index was nearly 1%, with the Dow and SP500 indices behind with 0.5% gains.

Later in the day, Secretary of the Treasury nominee Janet Yellen will testify before the Senate Finance Committee later Tuesday as part of her Senate confirmation hearing. She will defend the Dems new stimulus package. 

Additionally, she is a well-known dove, meaning she should always push for easy monetary policy, zero rates, and huge spending deficits. 

“Neither the President-elect, nor I, propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs,” Yellen will say, according to prepared remarks, released to the press.

From other news, European ZEW surveys will be released, and they are expected to fall further, mainly due to the never-ending lockdowns in many EU countries. 

Source: https://www.axiory.com/market-news/dollar-resumes-slide-us-indices-roar-higher