EUR / USD is bullish early in Monday trading, hitting a one-week high. At the time of writing, one euro buys 1.2229 US dollars, up 0.20% at 8:00 UTC. The pair broke above the top line of a symmetrical triangle pattern seen on the hourly chart. The formation appeared in mid-December. On the daily chart, the price continues a long-term rally that formed in early November.
UK markets are closed for Boxing Day.
The US dollar lost ground when US President Donald Trump signed a major stimulus package yesterday, even though he previously said he would not approve the $ 900 billion relief bill passed by the United States. Congress last week. Trump’s approval of a second round of stimulus supports risky assets, putting pressure on the greenback.
The USD index, which tracks the dollar against a basket of six other currencies, fell 0.30%, falling below 90 and remaining at weekly lows.
In addition to the $ 900 billion stimulus package passed by Congress last week, Trump also approved $ 1.4 trillion in government spending to fund federal agencies. So the combined relief package is worth $ 2.3 trillion.
After Congress passed the $ 900 billion package early last week, Trump called it a shame and threatened to block it. This decision surprised many, including members of his party. Republicans and Democrats urged the incumbent president to sign him, and he nodded unexpectedly again. Trump called on the Senate to increase individual payments from $ 600 to $ 2,000.
House Speaker Nancy Pelosi said after Trump signed the relief bill:
“Signing of bipartisan, bicameral coronavirus relief legislation is good news for the fourteen million Americans who just lost the lifeline of unemployment benefits over Christmas weekend, and for millions more struggling to stay afloat during this historic pandemic and economic crisis. “
Meanwhile, the US economy continues to struggle with the effects of the worsening pandemic. The vaccination campaign has already started, with more than a million people having received the vaccine.
Across the Atlantic, Britain and the European Union have finally come to an agreement on the Brexit trade deal. The UK released the text of the trade deal on Saturday.