Dollar nears 3-week high ahead of Biden's stimulus plans

The US dollar rose against a basket of major currencies on Thursday, extending its gains for the second consecutive day near a 3-week high, lifted by the high yield of 10-year US Treasury bonds, ahead of the US President-elect Joe Biden reveals his huge stimulus plan.

The dollar index rose more than 0.2% to 90.48 points, after opening at 90.27 points, with an intraday low of 90.23 points.

The greenback gained 0.3% yesterday, to resume its gains after pausing yesterday due to profit-taking from 3-week high of 90.73 points.

The dollar's uptrend comes as the 10-year treasury yields jumped 2.5% ahead of the US President-elect Joe Biden reveals his huge stimulus plan.

Biden will reveal later today trillions of dollars of Covid relief during the first year of his term, with some estimates putting it at $2 trillion. 

At 13:30 GMT, the US unemployment claims for the week ending January 9 are expected to reach 0.785 million from 0.787 million the previous week.