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Dollar steadies after Biden sworn into office

Economies.com
2021-01-20 18:51PM UTC

The US dollar held steadily against its peers on Wednesday, after the inauguration of President Joe Biden.

 

Former US President Donald Trump gave a farewell speech upon leaving the White House and wished Biden's administration success and safety and stability for the country.

 

Biden stated during his inauguration speech that the American people must unite and overcome differences and divisions, and called on citizens to wear masks to prevent the coronavirus.

 

News agencies reported that Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.

 

The dollar index held against a basket of major currencies at 90.4 points as of 18:39 GMT, after hitting a high of 90.7 points and a low of 90.2 points.

Bank of Canada keeps interest unchanged as expected

Economies.com
2021-01-20 15:45PM UTC

Bank of Canada kept the interest rate at 0.25% unchanged, which was largely expected in the market.

 

The central bank and other banks around the world held their interest rates near zero to support their economies from the coronavirus crisis' repercussions.

Loonie keeps gains after expected rate decision

Economies.com
2021-01-20 16:20PM UTC

The Canadian dollar rose against its major peers on Wednesday, and kept its gains after the Bank of Canada’s interest rate decision.

 

The Bank of Canada decided to hold the interest rate unchanged at 0.25%, which was largely expected in the market.

 

This came within the bank's efforts to speed up the economy recovery from the pandemic impact and to help it return to its growth path.

 

Global markets are focusing on Joe Biden's inauguration as President of the United States later today.

 

News agencies reported that Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.

 

As of 16:18 GMT, CAD/USD rose by 0.7% to 0.791, after hitting a high of 0.7933, and a low of 0.7844.

Brent jumps back above $56

Economies.com
2021-01-20 17:23PM UTC

Oil prices rose on Wednesday, as markets focus on Joe Biden inauguration as President of the United States.

 

News agencies reported that Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.

 

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Friday due to a holiday last Monday.

 

The dollar index held against a basket of major currencies at 90.4 points as of 17:09 GMT, after hitting a high of 90.7 points and a low of 90.2 points.

 

As of 16:47 GMT, WTI crude February futures rose 0.7% to $53.3 a barrel, after hitting a day high of $53.7 and a low of $53.06.

 

Brent March futures rose 0.7% to $56.3 a barrel, after hitting a high of $56.6 and a low of $55.9.