NEW YORK: The dollar rose for a second straight session on Thursday, holding above three-year lows against major peers, in line with a rise in Treasury yields, amid upbeat expectations about President-elect Joe Biden’s fiscal stimulus.
The US 10-year Treasury yield rose, as Biden is expected to unveil a stimulus package proposal on Thursday designed to jump-start the economy during the coronavirus pandemic with an economic lifeline that could exceed $1.5 trillion and help minority communities.
That helped support the dollar and boosted US yields. Since the beginning of the month, 10-year yields have climbed more than 20 basis points.
In mid-morning trading, the dollar index rose 0.2% to 90.521, as investors awaited details of Biden’s pandemic relief plan.
The euro eased 0.3% to $1.2118, despite positive news from the bloc’s economic powerhouse.
The global recovery-sensitive Australian and New Zealand dollars firmed to US$0.7744 and US$0.7182.
Bitcoin held gains on Thursday after a slide of nearly $12,000 from last week’s record high of $42,000. It rose about 5.9% to $39,588 on Thursday.
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