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Forex Today: Gold and Bitcoin are bullish near Friday's record highs

Forex Today: Gold and Bitcoin are bullish near Friday's record highs

Gold and Bitcoin fell after making new record high prices last Friday, but are now moving higher again.

➡️ Spot gold and Bitcoin prices are rising again after both made bearish retracements quite strong, especially Bitcoin. Their respective prices are not far from making new all-time highs. Trend traders will be interested here on the Long side and investors will likely be looking to make sure they have some gold in their portfolios.

➡️ The Japanese yen is noticeably stronger, as Japan's main stock market index the Nikkei 225 sells off. The cause is increased speculation that the Bank of Japan will soon make its first rate hike since 2007 and abandon the ultra-loose monetary policy it has pursued for several years. This was given further tailwind by the release of Japanese GDP data which showed economic growth of 0.4% in the quarter thof 2023.

➡️ In the Forex market, the euro has been the strongest currency since Tokyo opened today. The Australian dollar was the weakest.

➡️ Note that the United States and Canada advanced their clocks by an hour over the weekend, ahead of most other countries implementing daylight time changes.

➡️ It is likely to be a quiet day in the markets as it is a Monday with no high impact data releases scheduled.

 

Credit by DailyForex.com

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