Bitcoin Makes Record High New York Close Yesterday; US Dollar Falls to 2-Week Low, UK CPI Expected to Rise to 3.3%
Summary: Bitcoin is rising strongly and Europe opened with Bitcoin less than $2,000 from its record high price.
- Bitcoin is in focus today after making its highest ever New York close yesterday at about $106,855. The subsequent Asian session saw the major cryptocurrency continue to make gains and as the London session approached, Bitcoin was trading near $107,500. Trend and momentum traders will be interested in being long here. As well as spot Bitcoin, there are also Bitcoin micro futures available, and several Bitcoin ETFs so trading or investing in Bitcoin is very accessible today. It will be interesting to see if Bitcoin breaks its all-time high price not far from $110,000 today.
- The US Dollar is continuing to weaken, falling to a new 2-week low price. Many analysts see the failure of President Trump’s tax bill in Congress and a perceived push towards a weaker Dollar at the G7 meeting underway in Canada as factors driving the greenback lower.
- In the Forex market the strongest major currency since the Tokyo open has been the Swiss Franc, while the Canadian Dollar has been the weakest. However the clearest trend is against the US Dollar and the strongest major currency over a meaningful period of time looks to be the British Pound, so the GBP/USD currency pair will be getting some attention today.
- There will be a release today of UK CPI (inflation) data, which is expected to show an increase in the annualized rate from 2.6% to 3.3%.
- The release of Canadian CPI (inflation) data yesterday fell as expected by 0.1% month on month, but the trimmed and median annualized rates were higher than expected.
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