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Digital currency Ethereum, considered by many to be the biggest rival to Bitcoin, sunk more than 20 percent during Monday’s trading session after suffering an extremely volatile week last week.
The Dollar is edging broadly higher as some interest is being piqued and helping the greenback to recover from earlier lows.
The dollar started the last week of June slightly on the defensive as a U.S. bond yields were limited by an adjusted inflation outlook and questions began circulating, once again, about the Federal Reserve’s plans to tighten economic policy.
There are very few high-impact news items scheduled this week, with a sparse agenda like last week. Volatility should be expected to remain very low.
The US Dollar was relatively listless as investors await next week’s release of US inflation-linked data.
The Pound Sterling was under some pressure in London trading on Thursday after the Bank of England’s Monetary Policy Committee (MPC) left investors uncertain of Britain’s economic outlook.
Oil prices fell more than 2 percent overnight to fresh ten-month lows on Wednesday night, even after the U.S. Energy Information Administration (EIA) announced that inventories had fallen more than expected, and oil prices continued to feel the pressure on Thursday morning.
The Norwegian Crown, as well as the Aussie, Kiwi and Canadian Dollar were all under pressure.
Oil prices continued their downtrend during Wednesday’s Asian session, trading near seven-month lows with trader confidence waning in OPEC’s extended oil cut and its ability to bring stability to oil prices.
The US Dollar Index struck a 3-week peak after several officials from the US Federal Reserve Bank touted an economic scenario that would eventually result in additional interest rate increases.
Japan’s Nikkei spiked more than 1 percent on Tuesday to hit near two-year highs after U.S. hi-tech stocks rebounded on Monday and investors showed their confidence with stock purchases.
The divergent messages investors are getting from the globe’s central banks, regarding monetary policy and inflation specifically, helped push the US Dollar higher versus the Japanese Yen.
Asian markets strengthened on Monday morning as traders eagerly await the start of the Brexit negotiations which are scheduled to begin later today.
There are few high-impact news items scheduled this week, with a much sparser agenda than last week. However, a delayed reaction to last week’s rate hike by the FOMC may produce some volatility in the U.S. Dollar, although volatility should be expected to be relatively low over the coming week.
The US Dollar was mixed in Asian trading earlier today but is still poised to close out the week on an up note.