Crypto

The dollar rises, inflation in sight, bitcoin stabilizes

The US dollar rose against the euro on Monday in a market already focused on inflation in the US, which is expected on Friday, and the Fed meeting next week, while the cryptocurrency bitcoin stabilized afterwards. from the fall of Saturday.

At around 7:20 pm GMT, the dollar gained 0.29% against the euro at $ 1.1282. After having fallen sharply against the euro in the last sessions of November, the dollar is gradually approaching its peak for the year reached on November 24 at $ 1.1186. “The US dollar starts the week strong as we remain focused on the Covid variant and an impending Federal Reserve meeting,” scheduled for December 14-15, Western Union’s Joe Manimbo said. “While it is not yet known whether Omicron will have an impact on the global economy, markets are reassuring with early information suggesting that its symptoms are mild,” he added. The main risk event this week is inflation in the United States, whose latest data will be published on Friday. According to analysts, it should jump to 6.7% in November from 6.2% in October.

Next Fed Decision

So, eyes are on the decision close to the Fed that could “reduce its monetary support more quickly and pave the way for a rate hike sooner,” the analyst explained. These data were favorable to the rise of the dollar. “The spread of the new Omicron variant of Covid-19 and the fairly determined comments from the Fed have increased the volatility of the dollar,” said Lee Hardman, analyst at MUFG. Currency traders are divided: will the possible impact on the economy of a new wave of Covid-19 push the United States Federal Reserve (Fed) to delay before adjusting its monetary policy, or will it act to counter inflation?

Bitcoin rise

On the cryptocurrency side, bitcoin, whose price collapsed by more than 20% during the day on Saturday to sink to a low since late September at $ 42,296 before recovering, was slowly approaching its symbolic threshold of $ 50,000. “The drop was triggered by a movement in risk asset sales that began on Friday and triggered by concerns about the Omicron variant, and amplified in the case of bitcoin by decreased volumes over the weekend,” explained Victoria Scholar, analyst from Interactive Investor. Compared to Sunday night, the price of bitcoin was up 0.28% to $ 49,367.

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