Bitcoin's strong uptrend, aided by new Bitcoin ETFs, has sent Bitcoin sharply higher to a new 2-year high price above $63,000.
➡️ Bitcoin is rising solidly to reach a new 2-year high price above $ 63,000. Trend traders and investors will be interested here on the Long side, and this has become easier since Bitcoin ETFs were approved for sale a few weeks ago. It is more likely that Bitcoin will reach even higher prices.
➡️ The Japanese yen gained some upside after the Bank of Japan's Tanaka said the bank's price target was finally becoming visible amid signs that wage inflation is rising. This means that the Bank is probably close to being able to end its ultra-loose monetary policy. When that happens, it will likely be bullish for the Japanese yen.
➡️ US Federal Reserve officials (Williams and Bostic) said the implementation of interest rate changes will depend on data rather than calendar.
➡️ In the Forex market , the Japanese yen has been the strongest major currency since Tokyo opened today. The Euro was the weakest. This brings into focus today on the USD/JPY currency pair And on the EUR/JPY currency cross .
➡️ Cocoa futures fell sharply yesterday, calling into question its long-term bullish trend.
➡️ Yesterday's release of preliminary US GDP data showed that the US economy grew slightly less than expected, with annualized growth of 3.2%.
➡️ Three impactful economic data will be released later today:
- US Core PCE Price Index data: The Fed will be watching this very closely for clues about the inflation rate.
- Preliminary German CPI (inflation) data
- Unemployment claims in the United States
Credit by DailyForex.com