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A three-month high for the dollar against the yen is anticipated, and cryptocurrency prices soar

10 Nov 2023 , 10:43 AM

Following the Federal Reserve Chair Jerome Powell and a slew of other Fed officials’ cold watering of market expectations of a peak in U.S. rates, the dollar was poised to have its best week against the yen in three months on Friday.

With fresh rumours swirling about the potential approval of an exchange-traded bitcoin fund, cryptocurrencies like ether and bitcoin continued to hover around multi-month highs.

In relation to the Australian and New Zealand dollars, the dollar reached one-week highs on Friday and was trading close to a one-year high of 151.38 yen.

The comments made by Fed officials occurred one week after the U.S. central bank maintained unchanged interest rates, solidifying speculation that rates may have peaked and sent Treasury yields and the currency plunging in the wake of the announcement.

But this week, the dollar found its footing again, and it was on track to beat the yen by 1.3% on a weekly basis, which would be a record since August.

The Australian and New Zealand currencies were also expected to have their sharpest slide in months, down 2.4% and 1.8% weekly against the US dollar, respectively.

The New Zealand dollar was last at $0.5893, having similarly hit a one-week bottom of $0.5886 earlier in the afternoon. The Australian dollar was last at $0.6359, having fallen to a one-week low of $0.6352 earlier in the session.

The Antipodean currencies have also remained under control due to declining oil prices and China’s sluggish economic recovery.

In its quarterly Statement on Monetary Policy, the Australian central bank raised estimates for employment and economic growth but cautioned that there was a chance of more upside shocks to inflation in the wake of its most recent interest rate hike. The announcement was made on Friday.

In other news, the sterling fell 0.02% to $1.2218, and the euro remained stable at $1.0668. For the week, they both anticipated losing 0.56% and 1.3%, respectively.

The largest cryptocurrency in the world, Bitcoin, last traded at $36,519, holding close to an 18-month high. Earlier in the day, it reached its highest level since May 2022, at $37,978.

Ether, the second-largest cryptocurrency, just hit a comparable high of $2,131.50, its best level since April. It is currently trading at $2,102.90.

The rumours that BlackRock’s spot bitcoin ETF would soon be approved have caused the prices of digital assets to soar. The asset management behemoth has also registered to establish an ethereum trust.

For feedback and suggestions, write to us at editorial@iifl.com

A Brief (and Fascinating) History of Money | Britannica

Related Tags

  • Crypto
  • Dollar
  • FOREX
  • Yen
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