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European session review: USD mixed as investors await details of Biden's stimulus package

TimeCountryEventPeriodPrevious valueForecastActual
12:30EurozoneECB Monetary Policy Meeting Accounts    

USD traded mixed against most of its major counterparts in the European session on Thursday as market participants waited for details of President-elect Joe Biden's COVID-19 relief package.

While the U.S. currency rose against JPY and CHF, it eased off against the rest of major rivals. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.03% to 90.38.

CNN reported that President-elect Joe Biden is expected to unveil a $2 trillion stimulus package Thursday evening, which will include direct payments, state and local funding, and vaccine distribution. 

Investors also continued to track political drama in Washington. President Donald Trump was impeached Wednesday by the House of Representatives for his role in "incitement of insurrection". This was the second time Trump has been impeached during his administration. However, the proceedings are not expected to move to the Senate before the inauguration of Biden on January 20.

Meanwhile, the stronger-than-expected trade data from China boosted risk appetite, while dulling demand for the safe-haven assets.

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