Republicans U-Turn On Trump Impeachment

Dollar Slides Ahead of FOMC

The dollar index closed 0.27% lower yesterday as we await the latest Fed meeting.

FOMC investors are anticipating a dovish tone from the Fed, as there is apprehension about a delay in rolling out President Biden’s proposal for an additional $1.9 trillion stimulus package.

In addition, Republicans seem to have made a U-turn on Trump’s impeachment bid, as 45 out of 50 Senate Republicans voted to consider stopping the trial before it even starts.

Euro Continues Choppy Start

The euro climbed 0.20% higher on Tuesday as it erased losses at the start of the trading week.

The ECB is reportedly going to investigate the impact of relative Fed vs ECB monetary policy stances on the exchange rate.

This comes after the French finance minister pushed the EU to overcome blockages to ensure faster disbursement of its €750bn recovery fund to member states.

The euro bloc first needs to detail how they plan to use the grants and loans by April. Then, once approved, the disbursements can begin.

Sterling Lifted Despite Economic Woes

The pound rose by 0.48% on Tuesday as it pushed through the 1.37 handle.

The speed of the vaccine rollouts was a contributing factor to the rise, as sentiment shifted towards sterling.

This comes despite the UK death toll reaching over 100,000, with Boris Johnson saying he takes full responsibility. Although he added that he truly did everything he could.

There is no end in sight for the lockdown measures imposed by the British PM, as restrictions look to stay in place until the summer, as the jobless rate hit the highest rate in 5 years.

Earnings Season Keeps on Giving

Indices finished in a buoyant mood on Tuesday as investors dug through a slew of high-profile corporate earnings reports. This came a day after the S&P 500 and Nasdaq Composite scored another round of all-time highs.

Shares of Johnson & Johnson gained 2.7% after reporting stronger-than-expected earnings and revenue and delivering an upbeat 2021 outlook.

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