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- European session review: USD appreciates amid rising U.S. Treasury yields
European session review: USD appreciates amid rising U.S. Treasury yields
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:45 | Switzerland | Unemployment Rate (non s.a.) | January | 3.5% | 3.7% | |
| 07:00 | Germany | Industrial Production s.a. (MoM) | December | 1.5% | 0.3% | 0% |
| 09:30 | Eurozone | Sentix Investor Confidence | February | 1.3 | -0.2 |
USD strengthened against its major rivals in the European session on Monday as the U.S. Treasury yields rose after a disappointing U.S. jobs report increased expectations for additional fiscal stimulus. The 10-year yield is currently up almost two basis points to 1.19% compared to 0.92% at the beginning of the year.
The House of Representatives approved a budget resolution on Friday, setting the stage for passage of the president Joe Biden's $1.9 trillion COVID-19 relief package.
On Sunday, the U.S. Treasury Secretary Janet Yellen endorsed a massive stimulus package, which should include checks to American workers who earn $60,000 per year. She also suggested that the full employment could return next year if Biden's proposed $1.9 trillion coronavirus relief bill was approved by Congress. Otherwise, she added, unemployment would linger for years.
Prospects of more stimulus raised fears of inflation rising, leading to a selloff in the U.S. Treasuries. However, Yellen noted that "we have good tools to deal with that risk if it materializes".
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