"Powell's Testimony and Bitcoin's Rally: A Focus on Currency Markets"
TL;DR
The US dollar softened as traders awaited Federal Reserve Chair Jerome Powell's congressional testimony and the European Central Bank's policy announcement, while bitcoin resumed its rally after falling from a record high. The dollar slipped after data showed a slowdown in US services industry growth, and markets are pricing in around 90 basis points of easing from both the Fed and ECB this year. Meanwhile, the yen strengthened amid reports of potential rate lifts by the Bank of Japan, and the Australian dollar recovered despite weak GDP data. Additionally, bitcoin surged to a record high before retreating, while Ether also saw a significant increase.
Topics:businessfinance#bitcoin#currency-market#european-central-bank#federal-reserve#finance#us-dollar
- Currency market calm before Powell speech, bitcoin resumes rally Yahoo Finance
- Forex Today: Investors' attention shifts to US data and Powell FXStreet
- US Dollar Wobbles as Markets Await Powell; Setups on EUR/USD, GBP/USD, USD/CAD DailyFX
- Dollar steady ahead of Powell testimony, bitcoin takes breather Forex Factory
- FX Daily: Powell testimony and UK budget in focus ING Think
Want the full story? Read the original reporting
Read on Yahoo Finance