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Forex Today: Bitcoin Power to New Record Above $111,000 High

By Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked with...

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Bitcoin Makes New All-Time High During Asian Session; US Dollar Stabilizes; Stock Markets Lower on US Deficit / Trump Tax Bill Fears

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Summary: Bitcoin has broken out to a new all-time high not far from $112,000.

  • Bitcoin is in focus today after breaking to a new all-time high a few hours ago at about $111,888. . Trend and momentum traders will be interested in being long here. As well as spot Bitcoin, there are also Bitcoin micro futures available, and several Bitcoin ETFs so trading or investing in Bitcoin is very accessible today.
  • The US Dollar has weakened a bit more but has seemed to be find a floor and stabilize over recent hours. Many analysts see the questionable passage of President Trump's tax bill in Congress and a perceived push towards a weaker Dollar at the G7 meeting underway in Canada as factors driving the greenback lower. The tax bill elements likely to pass do not meet the general minimums widely believed to be necessary to really start shrinking the budget defecit. Stock markets have also traded lower over the Asian session, both in the USA (off-hours) and in Asian markets.
  • In the Forex market the strongest major currency since the Tokyo open has been the Japanese Yen, while the New Zealand Dollar has been the weakest. However the clearest trend is against the US Dollar and the strongest major currency over a meaningful period of time looks to be the Japanese Yen, so the USD/JPY currency pair will be getting some attention today after it reached a new 2-week low price.
  • The release yesterday of UK CPI (inflation) data showed a stronger-than-expected increase in the annualized rate from 2.6% to 3.5%. This briefly sparked the Pound much higher, with the GBP/USD currency pair reaching a new multi-year high price above $1.3458, although we now see a consolidation triangle below the resistance level at $1.3458.
  • There will be releases today of Flash Services and Manufacturing PMI data in the USA, Germany, the UK, and France.

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By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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