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Forex Today: US SEC Approves Bitcoin ETFs

Forex Today: US SEC Approves Bitcoin ETFs

Several investment firms have received approval from US regulators to open Bitcoin ETFs to retail investors, with trading expected to open later today.

➡️ As widely expected, the SEC authorized the sale of Bitcoin ETFs yesterday retail by various investment housesRetail investors should be able to buy and sell these ETFs starting today. In a typical case of “buy the rumor, sell the fact,” Bitcoin failed to reach a new long-term high following the news, technically remaining within a bullish consolidation. The new ETFs will be very interesting for retail trend traders and momentum investors.

➡️ The past day saw continued progress from most stock markets in particular  of the NASDAQ 100 index, followed during the Asian session by the Japanese Nikkei 225 index  , which again reached its highest price in 34 years for the second day in a row. This could be a key signal of the resumption of the dominant long-term trend, which is bullish in many stock markets, especially in the United States.

➡️ The release of key US inflation data later today could be a catalyst for a strong move in stock markets if the data surprises. Markets expect US inflation year-on-year to rise slightly, from 3.1% to 3.2%. If lower than expected, it will likely boost US stock markets; if higher, the US dollar will likely rise.

➡️ In the Forex market, the New Zealand dollar has been the strongest major currency since Tokyo opened today. The Swiss franc was the weakest. There remains a valid long-term bullish trend in the  EUR/USD currency pair . The US dollar has fallen slightly over the past day, but is essentially consolidating ahead of the US inflation release, as is typical.

 

Credit by DailyForex.com

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