Forex Today: Dollar keeps weakening in absence of other developments

Here is what you need to know on Wednesday, December 30:

Trading across the FX board remained choppy throughout Tuesday, with the greenback once again being the worst performer. However, only the Canadian dollar was able to achieve fresh weekly highs against its American rival.

The market focused on the US stimulus bill. The House of Representatives passed a bill to expand direct coronavirus relief payments from $600 to $2,000.  Senate will likely discuss it at the beginning of the Asian session.  US Republican Senate Majority Leader Mitch McConnell rejected a Senate Democrat request to pass a bill that would transfer an additional $1400 to each American by unanimous consent, although the bill will still be voted sometime today.

 The UK reported a second consecutive day or record coronavirus contagions, with over 53K new cases reported in the last 24 hours, despite strict lockdown measures. The number of cases in the US is also on the rise, and the health system is stressed. However, vaccination has started in multiple countries, which somehow offsets the negative headlines.

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