GBP/USD has been under mild pressure as US yields boost the dollar. Even if the UK’s immunization campaign somewhat slows down, it has reached nearly 50% of the population with at least one dose and the results are clear – cases and hospitalizations are falling. Moreover, London recorded no COVID-19 deaths on Monday – the first such feat in 2021. President Joe Biden is set to unveil his infrastructure spending plan on Wednesday and he may refrain from introducing new taxes in the first phase. That implies higher debt, more bond issuance, and therefore rising returns on Uncle Sam’s IOUs. EUR/USD tumbles to new 2021 lows in the 1.1730 region. A test of the 1.1700 neighbourhood appears on the horizon. The dollar index was up 0.1% at 93.052, a new 4-1/2-month high.