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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

Dion Rabouin, author of Markets
Jan 12, 2021 - Economy & Business

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.

Updated 12 mins ago - World

Death toll mounts as fighting between Israel and Hamas intensifies

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the fasting month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 109 Palestinians and seven people in Israel have been killed since recent fighting between Israel's military and Hamas began Monday.

The big picture: Israel began massing troops on its border with Gaza on Thursday, launching attacks from the air and ground as Hamas continued to fire rockets into Israel.

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.

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