Joe Biden’s stimulus package in line with expectations

The US equity markets edged down ahead of Mr. Biden’s speech and profit taking may continue, as there was nothing surprising with this plan that is moreover not certain to be voted as is. Bond yields are stable and the USD keeps on strengthening, the EUR/USD trading below 1.2150 now. US jobless claims figures brought confirmation of the deterioration in the job market. In Europe, the French government announced a tightening in measures restricting mobility and the German Chancellor called for stricter lockdown to counter the spread of the “UK variant” of the virus.