XE Market Analysis: Asia – Jan 14, 2021

The Dollar attempted to rally early in the N.Y. session on Thursday, taking the DXY to two-session highs of 90.58, up from overnight lows of 90.24. From there, a round of profit taking set in, seeing the USD reverse lower against major currencies. There was little initial reaction to the much worse than expected jobless claims figures, though the data later could have been a driver of Dollar weakness. Wall Street and Treasury yields were higher ahead of Biden’s address this evening, where he is expected to outline his stimulus plans, which could be in the order of $2.0 tln.