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gap in vaccination campaigns. While the old continent is struggling to get people to take the AstraZeneca jab, the US is ramping up the rollout and also production. Merck agreed to produce Johnson and Johnson’s single-shot inoculations and President Joe Biden stated that every American could be offered a vaccine by the end of May.
Also in Washington, the
Senate will begin debating Biden’s $1.9 trillion covid relief package on Wednesday. While the president urged lawmakers to leave as much as possible unchanged, some elements such as the minimum wage hike will likely fall out of the legislation passed by the House. Nevertheless, advancing stimulus will likely add propping up the greenback.
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Treasury Yield Surge Sends Emerging-Market Currencies Tumbling
Bloomberg 1/8/2021 Ruth Carson
(Bloomberg) The first fallout from rising U.S. Treasury yields has emerged, with a stronger dollar buffeting emerging-market currencies such as South Africa’s rand and the Brazilian real.
The rand and real have slumped about 2% since U.S. yields crossed the 1% mark on Wednesday while Indonesia’s rupiah dropped almost 1%. The Colombian peso and Malaysia’s ringgit were among the other casualties as Treasury 10-year yields climbed to 1.10%, the highest since March.
The surge in the key global benchmark yield is raising the prospect of a pause in the dollar’s recent slide, which could undermine the rally in risk assets. Developing economies that are reliant on external financing may find their currencies especially vulnerable to any sustained strength in the greenback.