The U.S. dollar depreciated against its major counterparts in the Asian session on Tuesday, as most Asian shares climbed on growing optimism over the passage of a $1.9 trillion stimulus package by the U.S. government.

House Democrats released a draft of stimulus plan on Monday evening, which includes $1,400 stimulus checks, $400 federal unemployment benefits, funding to state and local governments and vaccine distribution among other provisions.

Democrats are rushing to put the stimulus plan for a floor vote by the end of the month. Thereafter, the bill would go to the Senate for approval.

China’s central bank pledged a “stable” monetary policy after recent concerns about liquidity squeeze.

In its monetary policy report released on Monday, the PBOC promised to keep monetary policy flexible and precise in order to strike a balance between economic recovery and risk prevention.

The greenback dropped to 1-week lows of 1.2087 against the euro and 0.8956 against the franc, from its prior highs of 1.2044 and 0.8991, respectively. Next key support for the greenback is likely seen around 1.23 against the euro and 0.86 against the franc.

Retreating from its early highs of 1.3732 against the pound and 105.26 against the yen, the greenback fell to near a 3-year low of 1.3788 and an 8-day low of 104.75, respectively. If the greenback drops further, 1.41 and 100.00 are possibly seen as its next support levels against the pound and the yen, respectively.

The greenback slipped to near a 2-week low of 1.2719 against the loonie, 2-week low of 0.7731 against the aussie and near a 5-week low of 0.7255 against the kiwi, easing from its previous highs of 1.274, 0.7697 and 0.7215, respectively. The greenback is seen finding support around 1.25 versus the loonie, 0.79 versus the aussie and 0.74 versus the kiwi.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.