USD: A return to normality points to further USD downside this year - ING

Chris Turner, Global Head of Markets and Regional Head of Research for UK & CEE at ING, notes that the rebound in stock markets on the first day of President Joseph Biden in office lifted cyclical G10 currencies and weighed on the dollar.

"The message of reconciliation from the new President underscored a clear shift away from the Trump administration and should reduce hurdles for cyclical currencies to benefit from the global economic recovery vs the dollar and should, along with a non-reacting Federal Reserve to rising inflation, help to facilitate the broad-based USD decline."