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- European session review: USD mostly lower ahead of the announcement of Biden's key infrastructure spending plan
European session review: USD mostly lower ahead of the announcement of Biden's key infrastructure spending plan
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Nationwide house price index, y/y | March | 6.9% | 6.4% | 5.7% |
| 06:00 | United Kingdom | Nationwide house price index | March | 0.7% | 0.4% | -0.2% |
| 06:00 | United Kingdom | Business Investment, y/y | Quarter IV | -12.8% | -7.4% | |
| 06:00 | United Kingdom | Business Investment, q/q | Quarter IV | 13.2% | 5.9% | |
| 06:00 | United Kingdom | Current account, bln | Quarter IV | -14.3 | -34 | -26.3 |
| 06:00 | United Kingdom | GDP, q/q | Quarter IV | 16.9% | 1% | 1.3% |
| 06:00 | United Kingdom | GDP, y/y | Quarter IV | -8.5% | -7.8% | -7.3% |
| 06:45 | France | CPI, m/m | March | 0% | 0.7% | 0.6% |
| 06:45 | France | Consumer spending | February | -4.9% | 2% | 0% |
| 06:45 | France | CPI, y/y | March | 0.6% | 1.1% | 1.1% |
| 07:55 | Germany | Unemployment Change | March | 9 | -3 | -8 |
| 07:55 | Germany | Unemployment Rate s.a. | March | 6% | 6% | 6% |
| 08:00 | Switzerland | Credit Suisse ZEW Survey (Expectations) | March | 55.5 | 66.7 | |
| 09:00 | Eurozone | Harmonized CPI | March | 0.2% | 0.9% | |
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | March | 1.1% | 1.1% | 0.9% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | March | 0.9% | 1.3% | 1.3% |
USD fell against most of its major counterparts in the European session on Wednesday as market participants awaited the announcement of a key infrastructure spending plan by the U.S. President Joe Biden.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.1% to 93.22.
Biden is to unveil details of his $2.25 trillion infrastructure plan later today in Pittsburgh. The plan includes projects for roads and bridges, high-speed broadband, research and development. The White House stated that the plan would be paid for over 15 years by raising the corporate tax rate to 28% from 21% and increasing taxes on foreign earnings.
Investors worry that a significant increase in U.S. spending will lead to higher inflation. Renewed inflation concerns pushed Treasury bond yields higher. Benchmark 10-year Treasury note yields are holding at around 1.73% at the moment. Yesterday, yields hit a 14-month high of 1.776%.
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