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Expand chart
Data: FactSet; Chart: Axios Visuals

The dollar index, which tracks the greenback's value against a basket of currencies, touched its lowest level in over two years.

What's going on: Investor sentiment soared this month — following Biden’s win and prospects of congressional gridlock, possible stimulus, and headway on coronavirus vaccines.

  • Investors shifted into riskier assets — leaving the dollar to fall 2.5% this month.
  • The New Zealand dollar, on the other hand, is on track for its biggest monthly gain in seven years.

What they're saying: The worsening pandemic and uncertainty over OPEC+ moves shouldn't cloud the "generally positive risk environment, which has seen around $36 billion worth of portfolio flows returning to emerging markets over the last month — largely at the expense of the dollar,” ING strategists wrote.

  • “While more lockdown restrictions may stand to curb U.S. equity markets, the prospect of the Fed being prepared to add more liquidity should limit any dollar upside.”

Go deeper

The big hedge

Illustration: Aïda Amer/Axios

Warnings that the U.S. equity market looks to be in a bubble are coming from a slew of Wall Street asset managers and strategists as stocks continue to reach new record highs and markets display abnormal behavior. But data show that while investors are hedging their bets, there is hardly a mad dash to sell out of equity positions.

What's happening: As the 10-year Treasury yield rises solidly above 1% — its highest level in nearly a year — a growing contingent of investors fear that a crash is imminent without the ballast of rock-bottom interest rates.

Biden says he'll make Supreme Court pick by end of February

President Biden speaks on the retirement of Supreme Court Justice Stephen Breyer in the Roosevelt Room of the White House. Photo: Yuri Gripas/Abaca/Bloomberg via Getty Images

President Biden on Thursday said he will announce the nominee for Supreme Court Justice Stephen Breyer's replacement by the end of February.

Driving the news: Biden also affirmed that he will nominate a Black woman to replace Breyer, saying "it's long overdue."

Stephen Breyer formally announces retirement from Supreme Court

Photo: Andrew Harnik/AP

Justice Stephen Breyer on Thursday sent a letter to President Biden formally announcing his retirement from the Supreme Court.

State of play: Breyer said his retirement will take effect when the court "rises for the summer recess (typically late June or early July) assuming that by then my successor has been nominated and confirmed."

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