The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Dollar index slides to three-year minimums
On Monday, the evergreen buck dived to fresh three-year minimums versus a currency basket because demand for the common currency kept being supported by speculation that the ECB is about to scale back its huge stimulus program.
Assessing the greenback’s value versus a basket of six key currencies, the US dollar index hit 90.51, having dived to 90.39 overnight, which is a reading not observed since December 2014.
The currency pair EUR/USD reached 1.2214 having hit a new three year maximum of 1.2239 overnight.
The common currency has edged up since last Thursday’s December ECB minutes told that officials could move to a gradual shift in policy guidance from the first quarter of 2018.
Obviously, any shifts in the bank’s guidance would be perceived by traders as a sign that policymakers are about to start winding down their bond purchasing stimulus program.
Against the Japanese yen the greenback dived to its lowest reading since mid-September, with USD/JPY trading at 110.73 having declined to 110.58.
On Wednesday, China posted shockingly weaker surge in retail sales as well as industrial output for April, thus increasing pressure on the Chinese cabinet to roll out more stimulus because the trade conflict with America escalates…
In April, American import prices surged less than anticipated in April due to the fact that jumps in the cost of food and petroleum were tamed by the largest tumble in the price of capital goods for a decade, dropping a hint at the fact that inflation…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.