Franziska Kraufmann/AP

The U.S. dollar has fallen close to 2% over the past week, capping a series of losses that has nearly wiped out the gains made since November. The dollar surged in value following the election, on the theory that promised stimulus spending would speed U.S. growth and force the Federal Reserve to raise interest rates at a faster pace to keep a lid on inflation. Here's why it's reversing course:

  • Divisions in the Republican Party are becoming more visible, and make it less likely that tax cuts and infrastructure spending will be delivered quickly, or at all.
  • The Federal Reserve recently raised interest rates, but comments from Fed officials have signalled that the pace of rate hikes won't increase soon.
  • The economies of Japan and Europe are faring better than just a few months ago, while European officials have suggested that the European Central Bank could raise rates too.

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Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Surge "is real" and not just caused by more tests, Trump's testing czar saysMask mandates help control rise in hospitalizations Some coronavirus survivors have "autoantibodies."
  3. Business: Surge is sinking consumer confidence Testing is a windfall.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. World: Germany to close bars and restaurants for a month Putin mandates face masks.

Parties trade election influence accusations at Big Tech hearing

Photo: Michael Reynolds/Pool/AFP via Getty Images

A Senate hearing Wednesday with Big Tech CEOs became the backdrop for Democrats and Republicans to swap accusations of inappropriate electioneering.

Why it matters: Once staid tech policy debates are quickly becoming a major focal point of American culture and political wars, as both parties fret about the impact of massive social networks being the new public square.

2 hours ago - World

Germany goes back into lockdown

Photo: Fabrizio Bensch/Pool/AFP via Getty Images

German Chancellor Angela Merkel will enact one of Europe's strictest coronavirus lockdowns since spring, closing bars and restaurants nationwide for most of November, Reuters reports.

Why it matters: Germany is the latest European country to reimpose some form of lockdown measures amid a surge in cases across the continent.