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- European session review: USD weakens ahead of U.S. Treasury Secretary nominee Yellen’s Senate testimony
European session review: USD weakens ahead of U.S. Treasury Secretary nominee Yellen’s Senate testimony
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Eurozone | Current account, unadjusted, bln | November | 33 | 26.8 | |
| 10:00 | Eurozone | Construction Output, y/y | November | -1.4% | -1.3% | |
| 10:00 | Eurozone | ZEW Economic Sentiment | January | 54.4 | 58.3 | |
| 10:00 | Germany | ZEW Survey - Economic Sentiment | January | 55.0 | 60 | 61.8 |
USD fell against its major counterparts in the European session on Tuesday as market participants expected that Janet Yellen, President-elect Joe Biden's nominee for the U.S. Treasury Secretary, would urge the U.S. lawmakers to "act big" on the next coronavirus relief package to avert “a longer, more painful recession” at her Senate confirmation hearing later today.
According to the remarks, which were released in advance of Yellen's appearance before the Senate Banking Committee, during the testimony, she will also reiterate the commitment of the new administration to a market-determined rate for the U.S. currency.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped 0.29% to 90.51.
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