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All eyes are on Capitol Hill for Inauguration Day

Attention is now turned to Joe Biden’s inauguration as the next president of the United States. The event will be marked by a high-security presence due to possible civil unrest and the lack of crowds because of the Covid-19 pandemic.

His nominee for Treasury Secretary, Janet Yellen, appeared Tuesday in front of the Senate Finance Committee and defended Joe Biden’s proposal for a $1.9 trillion relief package, stating that now is the time to “act big”.

This resulted in some market changes: the Dow Jones was up 0.4%, the S&P 0.8%, and the Nasdaq rose 1.5%.

In the meantime, The People’s Bank of China (PBoC) decided to leave its 1-year prime loan rate unchanged at 3.85%, and 5-year at 4.65% as the economy is still recovering from the Covid-19 consequences. The decision moved the Australian Dollar from $0.77026 to $0.77072.