Dollar Kicks Off Biden Era With Losses as Short Bets Are Back
- Gauge of greenback resumes drop with Yellen comments in focus
- Shorting the greenback was seen as popular trade for 2021
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Joe Biden’s administration may not be targeting a drop in the U.S. currency, yet his pick for Treasury secretary appears to have started one.
The dollar is heading for a third day of declines, its longest losing streak in a month, as Biden is set to start his presidency on Wednesday. The Bloomberg Dollar Spot Index is edging lower in the wake of Janet Yellen’s nomination testimony on Tuesday, which invoked an enduring era of low interest rates and the need for additional government spending. On Wednesday, the gauge slid as much as -0.3%.