On Tuesday, 29 December, the European currency, trading at 1.2223, rose by 0.15 percent against the US dollar. The index of the DXY dollar fell 0.37 percent to 90.01.
Owing to the fact that Trump on Sunday signed a $900 billion fiscal incentive package along with the 2021 budget, the overall amount of spending amounted to $2.3 trillion, the dollar stands at its lowest level in 2.5 years. Trump recently declined to sign the measure, finding out that $600 per individual benefits was ‘humiliating’ and seeking to lift the figure to $2000. In exchange, the House of Representatives of the United States Congress approved the proposal and but the Senate halted to vote on the increased amount.
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Moreover, the trade agreement signed last week between the European Union and the United Kingdom, which determines the relationship between the countries following the final termination of Brexit on 31 December, has led to an increase in risk appetite. While not all the aspects of the potential partnership are already resolved, decreasing the likelihood of a messy ‘divorce’ between the EU and the United Kingdom and improving the outlook for global growth and economic development after COVID-19 has contributed to an uptick in volatile assets.
It should also be remembered that, as Prime Minister Boris Johnson said, the UK Parliament would vote on a bill on the deal on future ties with the European Union on 30 December. He also found that talks on the deal with the EU went well and brought stability to the UK. London and Brussels stated earlier on Thursday that the draft of the deal has been successfully finalized, and now the European and British Parliaments would ratify it. Note that the ‘transitional phase’ ends at the end of 2020, after which the UK will complete the process of exiting the EU.
The yield on 10-year Treasury Bonds rose by 2 basis points or 0.21 percent to 0.9350 at U.S. bond exchange markets.