Market News

This week will see a reasonably busy news agenda, with the key items coming as key economic data releases for the U.S. Dollar including the Non-Farm Payrolls.

The US Dollar had edged up against the Japanese Yen and earlier hit a 10-day peak as investors’ optimism seemed to be growing on hopes that President Trump’s tax reform will move toward approval in the US Senate.

On the last day of the trading month, the US Dollar Index is poised to record a loss for the month with wary investors keeping a watchful eye on the passage of tax reform legislation in the United States Senators could vote today on the bill.

All eyes may be on bitcoin, but it seems that for many traders it’s been “eyes on, hands off” in the past few trading sessions.

The US Dollar was steady versus the Japanese Yen, receiving support from the latest economic data out of the United States which was unexpectedly upbeat.

Bitcoin broke the $10,000 mark on Tuesday night, posting over 900 percent gains this year so far, the largest gain of all asset classes, as growing institutional demand for cryptocurrencies of all types continues to propel the markets upward.

The US Dollar was moving away from a recently struck 2-month trough versus the Japanese Yen as FX traders await today’s confirmation hearing for Jerome Powell, the next head of the US Federal Reserve Bank.

Bitcoin neared $10,000 on Tuesday, trading at $9,887.69 as of 1:45 p.m. HK/SIN, as traders eyed another record high.

The Euro consolidated Monday’s gains and earlier struck a 2-month peak against the US Dollar as the selloff in Chinese equities has encouraged investors to profit from long bets.

Thanksgiving weekend in the United States is a time for Turkey and shopping, and this year, it seems, investors went shopping as well, scooping up bitcoin in record numbers and fueling a surge in the cryptocurrency that extended through the holiday weekend and into Monday.

This week will see a lighter news agenda, with the key items coming as Central Bank guidance and key economic data releases for the U.S. Dollar. There will also be important Canadian and New Zealand data.

Oil prices hit two-year highs on Wednesday but retreated on Thursday morning, despite the fact that U.S. crude inventories dropped 1.9 million barrels last week, to 457.14 million barrels.

The British Pound was gaining traction during trade on Wednesday as traders appear uncertain of the currency’s direction ahead of the looming budget statement from Philip Hammond, the country’s finance minister.

Asian shares headed higher on Wednesday, after U.S. indexes closed higher on Tuesday, fueled by strong corporate profits and expectations of an oil production cut that is expected to buoy oil prices.

The common currency Euro steadied finally after recording its largest decline in about a month yesterday.