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In Asian trading on Thursday, the US dollar experienced a decline, dropping to its lowest level around 102 points as traders awaited crucial US inflation data for insights into the Federal Reserve’s policy direction for the year.
Bitcoin surged to $46,400, nearing its highest level in two years, following the long-awaited US approval for the creation of spot trading funds for the cryptocurrency. This approval is seen as a significant step, opening the door for institutional purchases and contributing to a 70 percent rise in Bitcoin since mid-October.
Both the Australian and New Zealand dollars saw gains of approximately 0.3 percent, reaching $0.6721 and $0.6294, respectively. However, trading movements remained within a narrow range as investors awaited the US inflation data scheduled for 1330 GMT.
The euro recorded a 0.1 percent increase, reaching $1.0979, while the British pound rose by 0.2 percent to $1.2767. The US Dollar Index showed a decline of 0.15%, settling at 101.930 points.
Following sharp gains on Wednesday, the dollar weakened against the yen by 0.3 percent, reaching 145.39 yen.
The decline in the dollar contributed to the Chinese yuan’s recovery from its lowest level in a month, reaching 7.1621 per dollar. The market dynamics underscore the importance of upcoming economic data and regulatory decisions, influencing both traditional and digital currencies in the financial landscape.
