Mrs. Yellen could be confirmed as Treasury Secretary as soon as tomorrow, after Mr. Biden officially becomes President of the US today. Her hearing at the Senate yesterday boosted risk appetite on financial markets, as she defended quick and bold action on budgetary policy. That was absolutely unsurprising and the bond market posted almost no reaction. But equity markets started to increase again, oil prices as well, while the USD weakened, as Mrs. Yellen just said it was up to markets to set its value, which was perceived as a tacit approval of its weakening. The EUR/USD is now trading around 1.2150.
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