{"id":112168,"date":"2021-02-10T22:40:18","date_gmt":"2021-02-10T22:40:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112168"},"modified":"2021-02-10T22:40:18","modified_gmt":"2021-02-10T22:40:18","slug":"dollar-struggles-at-one-week-lows-as-bitcoin-scales-48000","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/dollar-struggles-at-one-week-lows-as-bitcoin-scales-48000\/","title":{"rendered":"Dollar struggles at one-week lows as Bitcoin scales $48,000"},"content":{"rendered":"

LONDON (Reuters) – The dollar struggled at a one-week low on Tuesday as traders grew wary about the prospects for the greenback against the backdrop of a large U.S. fiscal stimulus package.<\/p>

FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS\/Dado Ruvic\/Illustration<\/figcaption>

Investors have pushed up the dollar in recent weeks as Democrats moved to fast-track President Joe Biden\u2019s $1.9 trillion COVID-19 relief package, but some analysts say massive fiscal spending coupled with continued ultra-easy Federal Reserve monetary policy will be a dollar headwind.<\/p>\n

\u201cThe view on the effects the package will have on the U.S. economy differ,\u201d Commerzbank strategists said.<\/p>\n

\u201cWhereas until recently the prospect of fiscal support caused positive reactions on the markets, the market no longer seems to be entirely certain about that any longer.\u201d<\/p>\n

Having attempted to bounce in the previous session, the dollar weakened broadly against its peers as U.S. Treasury yields softened from overnight highs.<\/p>\n

The biggest beneficiary of the weakening dollar was cryptocurrencies with bitcoin rocketing above $48,000, building on a nearly 20% surge overnight after Tesla Inc announced a $1.5 billion investment in the digital asset.<\/p>\n

The dollar index was 0.3% lower at 90.73 in early London trading, having dipped to 90.603 for the first time since Feb. 1.<\/p>\n

Disappointing U.S. jobs data on Friday knocked the wind out of a two-week run that had lifted the dollar to a more than two-month high of 91.6.<\/p>\n

The euro rose 0.2% to $1.20775 on Tuesday, up from a two-month low of $1.9520 touched Friday.<\/p>\n

The British pound revisited its highs since May 2018, climbing to $1.3784 in Asia. It last traded up 0.3% at $1.3774.<\/p>\n

Graphic: USD-Positions<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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