First Public Event For Biden

Overnight, US president Biden took part in his first Town Hall event since being sworn in last month. The democrat leader used the event to push the need to deliver on his proposed $1.9 trillion fiscal stimulus package, calling on vaccinations to be stepped up with the target of having 600 million doses available by the end of July. Notably the president was keen to downplay the legacy of his predecessor, telling reporters that he was “tired” of speaking about Trump though did share that all living president expect Trump had called him since being sworn in.

Key Takeaways From The Event

Vaccines Available To All by July

Arguably the most important aspect of the event was Biden’s pledge on COVID vaccination targets. Biden has now vowed to make enough vaccines available to vaccinate all US citizens by July. When pressed on how soon the US could return to normal Biden offered that he thinks things will be looking much better by Christmas this year. However, we was keen to add that there is still a great deal of uncertainty and that he didn’t want to “overpromise” anything. In fact, his target of having enough vaccines available for the whole country by July already represents a push back from the ‘spring” target given last month.

Most Schools To Reopen In First 100 Days

Biden was also keen to clear up some of the recent miscommunication and controversy around schools re-opening. The president told the crowd that he aims to have the majority of schools up to 8th grade back open by the end of his first 100 days with “many” attending the full five days a week. This was on the back of his press team last week claiming that students attending school one day a week would count as part of that pledge, a statement which drew plenty of scorn from parents who are struggling with home-schooling. part of Biden’s comments around schooling included his call for teachers to be vaccinated at a faster rate.

Not Defunding the Police, But Changing Sentencing Laws

In response to the big calls over the last year for the police to be defunded, Biden said that he didn’t not support such a move. However, he did say that a change in sentencing laws is needed and vows to end jail terms for drug offences. Biden said that the police needed to be trained instead to act with more compassionate in highly sensitive areas and that this required greater funding not less.

US Economy to Surge With Stimulus

Biden told the crowd that the domestic economy would come “roaring back” if his $1.9 trillion stimulus package is approved in Congress. Following backing the lower chamber, the president now just needs to secure backing in the Senate. There have been some concerns expressed, within both parties, over the size of the bill along with some of the provisions in its such as raising the minimum wage to $15. However, Biden was keen to stress the need for such a broad package and reaffirmed his backing for the minimum wage hike adding that no one should work a 40-hour week and live in poverty.

Technical Views

DXY

The Dollar index is once again trading above the 90.50 level, towards the upper end of the bearish channel from summer 2020 highs. While price holds above here, a further test of the channel top and 91.74 resistance looks likely, a break of which could start a bigger reversal higher in the Dollar. To the downside, 89.36 is the key support to watch.

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