For the last week, crypto assets jumped, backed by a 25% leap in Bitcoin Cash, in contrast with a backdrop of further indications of sluggishness in fiat currencies, including the evergreen buck…
Greenback stands still on subdued American inflation report
On Thursday, the US currency was generally intact versus its counterparts. It’s because American economic report disclosed that the tempo of consumer prices speeded down in June, although this deceleration was pared by a dive in the Japanese yen in the face of relieving trade-war fears.
The USD index, gauging the greenback’s purchasing potential versus a group of six main currencies, declined by about 0.2% being worth 94.46.
On Thursday, the Labor Department told that its Consumer Price index soared 0.1% in June having rallied about 0.3% in May. It missed market experts’ estimate for a 0.2% soar.
However, it didn’t manage to affect optimism as for the American inflationary backdrop in the face of hopes that trade duties could ramp up the tempo of domestic inflation.
As follows from the latest reading on prices, inflation is still firm, with the risk to proceed with its growth due to the fact trade duties threaten to heavily affect global access to materials and also drive American inflation.
The evergreen buck’s slump was pared by a weakening yen because investor appetite for risk assets resumed in the face of the report that China and the United States were considering resuming trade negotiations.
According to Bloomberg, US as well as Chinese officials actually considered resuming the trade negotiations that could provoke a bilateral agreement, thus relieving worries as for the prospect of a full-fledged feud between the world's two major economies.
As a matter of fact, the currency pair USD/JPY tacked on 0.39% trading at Y112.43, USD/CHF edged up 0.54% being worth 1.0013.
The currency pair EUR/USD added 0.09% showing $1.1683, the GBP/USD gained 0.13% reaching $1.3222.
The currency pair USD/CAD declined 0.38% demonstrating C$1.3161, although sagging crude kept a lid on the Canadian dollar, backing the currency pair.
On Monday, the evergreen buck slumped to a two-and-a-half week minimum because market participants pulled back ahead of the Fed’s meeting a bit later in the week…
On Friday, key crypto assets showed mixed performance in Asia, with mild movements because the trading week drew to its end…
Did Bitcoin manage to recover and what was the hottest news in the crypto and blockchain world? Read and find out!
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