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Expand chart
Data: FactSet; Chart: Andrew Witherspoon/Axios

A host of competing narratives and the chaos of global markets is shaking the U.S. dollar. The trade-weighted value of the dollar fell to its lowest since October on Monday.

The state of play: Currency traders are piling into the Japanese yen as global growth slows and political tensions rise. The yen hit its highest value against the dollar since March on Thursday — but has since reversed course.

  • The FX options market is showing that a measurement of call and put options has climbed strongly in favor of the euro, Reuters reports.
  • While emerging market currencies have gained since Fed Chair Jerome Powell's dovish comments on Friday, the dollar has not sold off and EM currencies, which are favored in times when the market expects the Fed to take it easy, have not taken flight.

What we’re hearing from Tempus Inc Senior FX Trader and Strategist Juan Perez:

"The U.S. Dollar benefits when the globe is in chaos and the problems that were started by the tit-for-tat tariff conflict created a safe-haven scenario... Seems like now the lack of a clear solution to trade issues, the U.S. government shutdown and solutions to political pressures elsewhere, like the Italian budget, have halted the dollar’s momentum."

Go deeper: The Chinese threat to U.S. financial dominance

Go deeper

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 13 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.