Bitcoin surged to a fresh all-time high of approximately $111,888 during the Asian trading session on Thursday. This milestone has attracted momentum and trend traders eager to go long on the cryptocurrency. Investors can access Bitcoin through spot trading, micro futures, and several ETFs, making it widely available in the market.
Meanwhile, the US Dollar showed signs of stabilizing after a period of weakness. Analysts attribute the dollar’s decline partly to uncertainty over President Trump’s tax bill in Congress and a perceived push for a weaker dollar at the ongoing G7 summit in Canada.
The tax bill’s likely provisions fall short of what is needed to reduce the US budget deficit significantly. Stock markets also declined during the Asian session, including off-hours trading in the US and Asian markets.
In forex markets, the Japanese Yen emerged as the strongest major currency since the Tokyo open, while the New Zealand Dollar was the weakest. The USD/JPY pair has drawn attention after hitting a two-week low, reflecting the yen’s strength against the dollar.
In the UK, inflation data released yesterday showed a sharper-than-expected rise in the Consumer Price Index, jumping from 2.6% to 3.5% annually. This boosted the British Pound, pushing GBP/USD above $1.3458, a multi-year high. However, the pair is now consolidating just below this resistance level.
Investors await key economic data releases today, including Flash Services and Manufacturing PMI reports from the US, Germany, the UK, and France.
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