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European session review: USD mostly lower ahead of the announcement of Biden's key infrastructure spending plan

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomNationwide house price index, y/yMarch6.9%6.4%5.7%
06:00United KingdomNationwide house price index March0.7%0.4%-0.2%
06:00United KingdomBusiness Investment, y/yQuarter IV-12.8% -7.4%
06:00United KingdomBusiness Investment, q/qQuarter IV13.2% 5.9%
06:00United KingdomCurrent account, bln Quarter IV-14.3-34-26.3
06:00United KingdomGDP, q/qQuarter IV16.9%1%1.3%
06:00United KingdomGDP, y/yQuarter IV-8.5%-7.8%-7.3%
06:45FranceCPI, m/mMarch0%0.7%0.6%
06:45FranceConsumer spending February-4.9%2%0%
06:45FranceCPI, y/yMarch0.6%1.1%1.1%
07:55GermanyUnemployment ChangeMarch9-3-8
07:55GermanyUnemployment Rate s.a. March6%6%6%
08:00SwitzerlandCredit Suisse ZEW Survey (Expectations)March55.5 66.7
09:00EurozoneHarmonized CPIMarch0.2% 0.9%
09:00EurozoneHarmonized CPI ex EFAT, Y/YMarch1.1%1.1%0.9%
09:00EurozoneHarmonized CPI, Y/YMarch0.9%1.3%1.3%

USD fell against most of its major counterparts in the European session on Wednesday as market participants awaited the announcement of a key infrastructure spending plan by the U.S. President Joe Biden. 

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.1% to 93.22.

Biden is to unveil details of his $2.25 trillion infrastructure plan later today in Pittsburgh. The plan includes projects for roads and bridges, high-speed broadband, research and development. The White House stated that the plan would be paid for over 15 years by raising the corporate tax rate to 28% from 21% and increasing taxes on foreign earnings. 

Investors worry that a significant increase in U.S. spending will lead to higher inflation. Renewed inflation concerns pushed Treasury bond yields higher. Benchmark 10-year Treasury note yields are holding at around 1.73% at the moment. Yesterday, yields hit a 14-month high of 1.776%.

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