US Dollar Near Its Lowest Level in Two Weeks on Concerns About The Pace of The US Recovery

The dollar began the week sitting near a two-week low on Monday (February 15th), as traders doubt whether the recovery from the pandemic in the United States will be as fast as expected.

Bitcoin is still volatile, as it fell to the low of $45,914.75, a day after reaching a record high of $49,714.66. The world’s most popular cryptocurrency rose 25% last week, driven by support from Tesla and BNY Mellon.

The dollar index fell 0.1% to 90.336, near its lowest level last week at 90.249, a level not seen since January 27th.

The index reached a two-month high of 91.6 on the fifth of February on hopes that the US recovery will outpace the rest of the major economies, but it has since declined in light of disappointing data.

The euro rose 0.1% to $ 1.21315, extending its 0.6% gain last week.

The dollar rose 0.1% to 105.04 yen, recovering from some of the previous week’s losses of 0.4%.

Many markets in Asia remain closed today for the Lunar New Year, while the United States is also on holiday for Presidents Day.

And the higher risk currencies won against the greenback, as the Australian dollar added 0.3% to 77.795 US cents, after earlier touching a one-month high of 77.85. The pound sterling rose 0.3% to $ 1.3895 after hitting once again its highest level in nearly three years at $ 1.3901.

The Chinese yuan reached its strongest level since June 2018 at 6,4012 per dollar in overseas market transactions.

In cryptocurrencies, Bitcoin fell in its most recent transactions 3.7% to $ 46.852 thousand. Ethereum, which traditionally trades in tandem with Bitcoin, slipped 4.3% to $ 1,725. It reached a record high on Saturday at $ 1,874.98.