Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Dollar ticks up before US data, bitcoin hits record high

Dollar ticks up before US data, bitcoin hits record high

By Harry Robertson

LONDON (Reuters) -The dollar inched higher on Thursday as investors waited for U.S. economic data, while bitcoin rose to a record high above $73,800.

The dollar index, which gauges the currency against six major peers, rose 0.1% to 102.83.

It has largely shrugged off Tuesday’s hotter-than-expected U.S. consumer inflation data and is roughly unchanged since the figures. The index is up around 1.5% this year as U.S. data has shown that the economy remains strong, causing investors to rein in their bets on rapid and deep interest rate cuts.

Data due at 1230 GMT (8.30 a.m. ET) – on producer inflation, retail sales and weekly jobless claims – could provide more clues about the timing of rate cuts.

“Today’s data in the U.S. will be quite important… in a quiet market environment,” said Francesco Pesole, FX strategist at ING. “That’s surely going to be the big event today.”

He added: “This is very much a bit of an in-between week, just waiting for the central bank meetings next week to see what happens.”

The Bank of Japan will set interest rates on Tuesday next week, followed by the Federal Reserve on Wednesday and the Bank of England on Thursday.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The euro was slightly lower at $1.0942 on Thursday, with no major European economic data to inject volatility, taking its fall for the year to around 0.9%. Sterling was up 0.1% at $1.2811, up 0.6% for the year.

Bitcoin continued its upward march, hitting a record $73,803. Exchange-traded bitcoin funds and optimism that the Fed will cut interest rates this year have boosted the biggest cryptocurrency.

The dollar was little changed at 147.75 yen, nursing losses of 2% over the last two weeks as investors have positioned for the Bank of Japan to potentially raise interest rates out of negative territory at its meeting next week.

Sources told Reuters that Japan’s central bank will debate ending negative rates if big firms’ wage talks yield strong results.

Preliminary results of the spring wage negotiations are due on Friday, with several of the country’s biggest companies having already agreed to meet union demands for pay increases.

Elsewhere, the dollar climbed 0.1% against the Swedish crown, to 10.239 crowns, after data showed Sweden’s headline inflation slowed more than expected in February.

Market pricing on Thursday showed traders see a roughly 75% chance of the Fed cutting rates by June.

(Reporting by Harry Robertson, additional reporting by Brigid Riley; Editing by Christopher Cushing, Elaine Hardcastle and Sharon Singleton)

Recent Post: