05.02.2021: USD heading for solid weekly gain (DJIA, USDX, USD/CAD)

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Futures on the US stock indices are trading higher. The US dollar has dipped today against major currencies following a steady advance earlier this week. The US currency was propped up by growing confidence in a rapid economic recovery in the US. Today bitcoin surpassed the level of 38,000 dollars.
Futures on the US benchmark stock indices are extending a winning streak. The S&P 500 is expected to close the week with the strongest weekly gain in three months. The reason behind this rally is that investors believe that a new pandemic relief package will set the stage for a steady economic recovery in the US.
The Dow Jones rose 0.43%. The Nasdaq climbed 0.36%. The S&P 500 grew 0.47%, to a larger degree.
Today the market is alert to a report of crucial importance that will provide a clue to the labor market conditions after a crater at the end of the year. The US public and private sectors are expected to add 50,000 jobs in January. Employment contracted sharply in December for the first time since a lot of companies had to terminate their activities due to the coronavirus outbreak last spring. As for the unemployment rate, it is likely to remain flat at 6.7% in January.
The US dollar was consolidating gains in the first half of the trading day. Later, it stalled its steady advance. This week, the US currency received a boost from growing confidence that the US economic recovery will outpace that of its global peers. At the moment of preparing the material for this video, the US dollar index slipped 0.29% to trade at 91.25. Despite this slide, the greenback is on track to close on Friday with the best weekly gain in three months. Some analysts are betting on the US dollar’s strength for the whole year as risky assets have complicated prospects.
The greenback shed 0.25% against its Canadian counterpart. The USD/CAD pair is trading lower at near 1.2792.
Today bitcoin is trading with a cautious uptrend, having climbed 1.07% to 38,060 dollars per token. At present, the most popular cryptocurrency has moderated its rally following a dazzling bullish run seen in mid-January. Nevertheless, one thing is obvious. Bitcoin has been trading with the clear-cut bullish trend since the end of the last year.
Meanwhile, US President Joe Biden is pushing ahead with his large-scale stimulus package worth 1.9% trillion dollars. Democrats in the US Senate were holding a marathon voting session aimed at overriding Republican opposition to Joe Biden’s proposal. Once the draft budget is approved by the Senate, US lawmakers will proceed with its agreement.
Most investors are certain that the US economy urgently needs massive fiscal measures because some states still have to deal with soaring rates of new coronavirus cases.


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