The dollar is near its lowest level in two weeks … and Bitcoin is declining

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The dollar began the week sitting near its lowest level in two weeks, Monday, 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 percent last week, boosted by support from Tesla and BNY Mellon.
Bitcoin fell in its most recent transactions 3.7 percent to $ 46,852,000. Ethereum, which usually trades in tandem with Bitcoin, slipped 4.3 percent to $ 1,725. It reached a record high on Saturday at $ 1,874.98.
The dollar index fell 0.1 percent to 90.336, near last week’s low of 90.249, a level not seen since January 27.
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.
“Now the market is looking for actual proof that the US economy is performing better” than other economies, said Shinichiro Kaduta, chief currency strategist at Barclays Capital in Tokyo.
“The economic data needs improvement,” he added.
The euro rose 0.1 percent to $ 1.21315, extending its 0.6 percent gain last week.
The dollar rose 0.1 percent to 105.04 yen, recovering from some of the previous week’s losses of 0.4 percent.
Many markets in Asia remain closed for the Lunar New Year, while the United States is also on holiday for Presidents Day.
And the higher risk currencies won against the US currency, as the Australian dollar added 0.3 percent to 77.795 US cents, after earlier touching a one-month high of 77.85.
The pound sterling rose 0.3 percent to $ 1.3895, after hitting 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. (Reuters)




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