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The Decline of The Dollar And The Rise Of The Euro
On Monday, the US dollar saw a slight dip against its European counterpart, the euro. This precedes the week’s significant global events, notably the reveal of Britain’s budget, the European Central Bank meeting, and important US jobs data. Concurrently, there are notable political moments developing in China and the US.
Investors Closely Monitor Bitcoin's Remarkable Rise
The cryptocurrency Bitcoin clinched the spotlight as it reached a fresh more than two-year peak of over $65,000. The weekend of relative quiet was interrupted as the cryptocurrency was pushed higher by a surge of investments flowing into cryptocurrency exchange-traded funds, particularly in the US. Bitcoin was last seen recording a 6.39% gain, standing at $66,603.
US Payrolls Data On Traders' Radar Amid Unsettled FX Market
The US dollar continued to be measured against a basket of six significant currencies, seeing a marginal dip of 0.03% to $103.83. The Japanese yen hovered around the triggered 150-per-dollar mark. As for the euro, it saw a 0.15% uptick, trading at $1.08565. Ahead of monumental market-influencing events this week, many dominant currency pairs kept to their recent trading confines as traders kept their ambitious directional risk-taking in check.
Upcoming Fed and ECB Sessions Keep Investors On Their Toes
Currencies markets are once again functioning with an abundance of caution, as revealed by Helen Given, an FX trader with Monex USA. She also hinted that the market could remain muted, especially in the early part of the week. The Federal Reserve Chair, Jerome Powell, is expected to testify before lawmakers this week. Meanwhile, there is anticipation for US payrolls data, forecasted to show a growth in employment numbers, adding about 200,000 jobs after January’s impressive jump of 353,000.
Crucial Market Updates To Dictate Forex Trading
In light of the previous high-impact data, Atlanta Fed President Raphael Bostic stated on Monday that the prosperous economy and jobs market put the Fed under no stress to cut rates urgently. Despite these advancements, further gains in the dollar may be capped due to its recent acceleration. Key events on the horizon also include Super Tuesday, the prime day for the U.S presidential primaries.
