EURUSD Rally Beset by Stimulus Competition, Depends on Risk Trends

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Dow, Nasdaq 100, Bitcoin, EURUSD and USDJPY Talking Points:

• US indices were broadly higher with the Dow, S&P 500 and Russell 2000 all notching record highs while other assets trading during NY hours bounced
• An ECB commitment to bolster stimulus spoke to the market’s appetites while Biden’s signing the $1.9 tln stimulus program added to enthusiasm
• Notably, EURUSD rallied the past session but USDJPY held steady which suggests the risk trends may play a more prominent role in Dollar and market movement than stimulus

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