The Euro is still struggling to strengthen against the US dollar as other currencies gained on Wednesday. Analysts argue that this is due to the risks that will be borne due to the longer movement control movement (PKP) plan. Delay in vaccine distribution is also among other factors affecting the currency.
The Euro depreciated 0.17% against the US dollar at the exchange rate of 1.2106 as of 10.10 p.m. According to currency analysts, the PKP or ‘lockdown’ imposed will be extended and this could cause the European zone economy to face a second economic recession.
In addition, the late launch of the Covid-19 vaccine compared to the United States (U.S.) and Britain was also a major factor in the depreciation of the Euro currency.
The US dollar index, which measures the greenback against major currencies, strengthened 0.09% to 90,562 exchange rates as of 10.20 p.m ahead of Joe Biden's official inauguration.
The market began to focus on the policy to be announced by Joe Biden after Janet Yellen stated that she tends to have more stimulus packages and currency exchange determined by the market.
