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The dollar hit a new year high against the yen and a multi-month high against other competitors on Wednesday (March 31st), as investors speculate that a massive fiscal stimulus package and an expanded vaccination campaign will help the United States lead the global pandemic recovery.
Today, US President Joe Biden is set to lay out the main lines of his plans to finance an infrastructure plan at a cost of between three and four trillion dollars after he said earlier in the week that 90% of American adults will be vaccinated by April 19.
The dollar index (DXY) rose to 93.439, its highest level in nearly five months. It rose from near 90.0 in early March on its way to record its best monthly performance since 2016.
The US currency recorded a new peak for a year against the Japanese currency (USDJPY) at 110.97 and reached its highest level in nearly five months against the European currency at $ 1.1705 against the euro, but it gave up some of these gains in early trading in London.
The US currency also found support with rising US bond yields, which made the currency more attractive as an investment.
The yields on the US Treasury 10-year note jumped to its highest level in a year at 1.776% on Tuesday.
The Australian dollar rose to $ 0.76085 after falling to $ 0.7564 last week, its lowest level this year.
Bitcoin briefly exceeded $ 59,000, in an attempt to approach the record high of $ 61,781.83 it reached earlier this month.
