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The US dollar showed strength on Monday driven by rising US treasury yields and expectations of higher fiscal plan announcements. On the other hand, contributing to the strengthening factor is the depreciation of the Euro to a three-week low.
The latest U.S. president, Joe Biden, who is scheduled to take office on January 20 under the control of the Democrats in Congress has promised a trillion-dollar stimulus boost to boost market expectations.
Usually additional stimulus packages will cause investors to start worrying about rising inflation and the impact on the US dollar in a weakening economy but rising bond yields in a few weeks have eased pressure on the US dollar.
The US dollar index, which measures the greenback against the major, recorded a 0.55% consolidation to 90,565 exchange rate as of 10.35 p.m.
On the other hand, the euro depreciated 0.50% against the US dollar to the exchange rate of 1.2153. It is the lowest level since December 21.
According to market analyst Commerzbank, the increase in U.S. bond yields has led the market to focus on inflation to take a more comprehensive approach in dollar valuation.
The AUD currency was down almost 1% against the US dollar at 0.7686 as of 10.40 p.m.
