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Weaker USD profile prevailed all through the U. S. trading session on Monday. The GBP/USD pair has jumped to 1.3530-35 by weaker USD and EUR/USD was another pair that similarly benefited from the same reason, while Treasury yields continued surging and Gold touched fresh highs.
Inflation is still impacting monetary policy and policymakers as the Bank of England signaled preparedness to combat higher inflation with interest rates action once the unprecedented inflation starts to influence workers’ wages.
No new economic data was released on Monday, but Friday’s positive jobs report was still improving the market sentiment which benefited U. S. shares, the positive sentiment also helped keep the AUD/USD pair firmer.
Other Developments:
The Bank of England’s governor, Andrew Bailey, has stated in recent trade that the U. K. will have to act with rates if there is evidence of higher inflation expectations impacting workers’ wages.
Tweets by Elon Musk caused Tesla shares to slide. Shares in the electric-vehicle maker were down 2.9% midday Monday after Musk launched a weekend poll of his 63 million followers on Twitter, asking them if he should sell the stake, worth around $21 billion at Friday’s market close, to pay taxes.
The Federal Reserve Bank warned on Monday that stresses in the Chinese real estate sector posed risk to the US financial system, pointing out that the impact of the heavily indebted property companies like Evergrande could be a potential source of worldwide contagion.
Bitcoin has been climbing since early Saturday morning. Truth to say regulation and taxation are on the way with steady steps, but that may be also good news, not only for Bitcoin, but also for , Ethereum, and Dogecoin as well.
The value of cryptocurrencies jumped over the weekend and the latest momentum continued early to post gains during Monday trading.
Crypto has been volatile all year, but the trading trends are moving higher as more and more people feel comfortable owning cryptocurrency and the U. S. government starts to take cryptos more seriously.
During the previous 24 hours, Bitcoin recorded higher by 6.1% and is trading right at $66,000. Ethereum’s move is a bit more muted, moving 4.2% higher, while Dogecoin is up 4.3% in the last day.
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