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Dollar confidently returns losses



After a three-day recovery, the American currency resumed its decline, once again taking a defensive position, which has already become habitual in recent months. First of all, the upside momentum has evaporated due to falling 10-year Treasury yields, which are retreating from 10-month highs, forcing traders to bet again on the devaluation of the global reserve currency. Democrats seized control of Congress in a Georgia election that investors watched with bated breath. Now that this event has been played out and taken into account in prices, everything has fallen into place, and the Treasury yield recedes, dragging USD along with it. Later today, the US is releasing statistics on consumer inflation, which could have a short-term impact on dollar pairs. In the case of the euro / dollar, attention should be paid to the speech of the head of the ECB Lagarde, who can assess the economic situation in the region through the prism of the ongoing pandemic. Dovish rhetoric could put pressure on the euro and thereby provide local support to the “American.” An even more significant day for the markets as a whole will be Thursday, when Biden will unveil the fiscal stimulus package. If the size of the program turns out to be impressive, it will put additional pressure on the dollar, for which the speech of the head of the Federal Reserve Powell will also become an additional risk factor ._______________ Mikhail Kogan, Head of Analytical Research, Graduate School of Financial Management

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