Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Bitcoin hits $10,000 boasting 940% of gains in 2017
On Tuesday, the virtual currency bitcoin managed to grow to an all-time maximum above $10,000 on key exchanges as well as digital currency indexes, including the well-known Luxembourg-based trading platform BitStamp.
Reportedly created in 2009, the virtual currency bitcoin makes use of encryption along with a blockchain database, enabling the anonymous and rapid transfer of funds outside of a conventional centralized payment system.
It has ascended more than 900% so far in 2017, reporting the largest revenue of all asset classes, taking advantage of soaring institutional demand for crypto-currencies because mainstream and financial use has expanded.
However, many skeptics tell that it appears to be a pure speculative bubble, which has no relation to real financial market activity, to say nothing of the economy. What’s more JPMorgan chief Jamie Dimon dared to have it labeled a fraud.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.