As of 3:24 pm AST, foreign exchange rate movement in a wait and see pandemic relief environment of the US Senate

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PairsFederal Reserve as of 23 December 2020OANDA as of 23 December 2020OANDA as of 29 December 2020
GBP/USD1.35101.34491.35070
USD/CAD1.28411.28721.28431
USD/CNH6.54006.53236.52721
USD/DKK6.09896.10316.08792
EUR/USD1.21941.21851.22140
USD/INR73.770073.731673.4425
USD/MXN20.080020.087819.9413
USD/JPY103.5200103.50103.64
USD/NOK8.63078.68868.63352
USD/SEK8.28418.30368.26356
USD/CHF.8882.8886.88947
Source: OANDA

Legal/Political Events Impacting Foreign Exchange

US Senate ponder Covid relief bill during rare holiday time in Washington

As of this writing, the U.S. Senate is in session debating the COVID-19 pandemic relief bill. One core issue: whether $600 in taxpayer aid should be increased to $2,000. Speaking on the Senate floor, Senator Dick Durbin, Democrat of Illinois, reiterated that the additional aid is needed immediately and that these funds won’t be put away for a rainy day but will be injected immediately into jump starting the economy. As of 3:30 pm AST, the Senate was still making its quorum call and waiting for additional senators to speak. President Donald Trump threw a wrench into the relief discussions when he expressed support for $2,000 per eligible taxpayer.

Two Republicans in the Senate, brought additional attention to themselves by joining the President in support of increasing monetary support. Senator Kelly Loeffler and Senator David Perdue, both of Georgia, are facing tough run-off elections scheduled for 5 January 2021.

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