During the Asian session, traders bid stocks and sold the yen after Bloomberg reported that a 1 trillion USD infrastructure stimulus bill is being "mulled" by the Trump administration.
Moreover, on Monday, the Fed announced it is now starting to buy corporate bonds (even junk bonds), which helped to support the risk appetite.
Later in the day, the US retail sales are expected to rebound strongly, which could fuel the risk-on rally again.
The greenback was slightly higher today after yesterday's losses, but that might be short-lived as the US dollar is now regarded as a risk-off currency. Thus it will most likely decline if the sentiment is positive.
Oil advanced along with stocks, and the WTI benchmark jumped above the 38 USD threshold again.