Between the cryptocurrencies, the FTX token,, down 43%, hitting a more than two-year low of $3,112, while Bitcoin dropped 10.1%, down to $16,809.83, just above the two-year low of $16,452.98 that was reached earlier in the session.
In the last week, the US currency was pressured lower for the bets that the Federal Reserve I know back off rate hikes and that China will ease COVID rules to boost growth.
The dollar Index, which is heading to his best year in almost four decadeshe has down about 1% so far this week and on Wednesday it was around 110,370 units.
“We all know that the dollar will change at some point, but the big question is when,” he said. Moh Siong Simcurrency analyst at the Bank of Singapore, in dialogue with Reuters.
“My opinion is that the pullback is a consolidationrather than the end of the dollar’s uptrend, and that’s because I think the Fed is not done with its fight against inflation yetunless the data really give us confidence that inflation is about to come down for good,” he added.
US CPI data to be released on Thursday will be watched carefully, especially after last week’s Fed meeting had markets repositioning for an even higher spike of rates in the United States.
Source: Ambito
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