{"id":112225,"date":"2021-02-11T01:48:10","date_gmt":"2021-02-11T01:48:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112225"},"modified":"2021-02-11T01:48:10","modified_gmt":"2021-02-11T01:48:10","slug":"dollar-struggles-as-u-s-yields-soften-bitcoin-soars","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/","title":{"rendered":"Dollar struggles as U.S. yields soften; Bitcoin soars"},"content":{"rendered":"

LONDON (Reuters) – The U.S. dollar was firmly pinned at a one-week low on Tuesday as an overnight slide in U.S. Treasury yields raised doubts on the outlook for the greenback against the backdrop of a looming 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 recently 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 ultimately prove to be a dollar headwind.<\/p>\n

\u201cThere has been an impressive pullback in U.S. Treasury yields overnight which is causing the broad-based dollar weakness before the bond auctions this week,\u201d said Kenneth Broux, a strategist at Societe Generale in London.<\/p>\n

In Monday\u2019s trading, ten-year U.S. Treasury yields rose to near March 2020 highs as investors bet on a broader reflationary theme in the financial markets. But it has slipped back to 1.16%, down 4 bps from the overnight highs.<\/p>\n

Tuesday raised familiar doubts among investors, with some traders saying the fresh fiscal stimulus along with record low U.S. interest rates will weigh on the currency in the coming months.<\/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 Commerzbank strategists said.<\/p>\n

The dollar index was 0.5% lower at 90.50 in London trading, its lowest level 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

BLISTERING BITCOIN<\/h2>\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

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

The yen was another major beneficiary of the weak dollar trend, with the Japanese unit rising 0.5% against the U.S. dollar to 104.69 yen.<\/p>\n

The yen has become increasingly correlated with outright yields than an indicator of broad risk sentiment. A 90-day rolling correlation between yen and U.S. yields has strengthened considerably since the final quarter of 2020.<\/p>\n

Elsewhere, the euro rose 0.5% to $1.2099 on Tuesday, up from a two-month low of $1.1952 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

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

LONDON (Reuters) – The U.S. dollar was<\/p>\n","protected":false},"author":3,"featured_media":112224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nDollar struggles as U.S. yields soften; Bitcoin soars - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar struggles as U.S. yields soften; Bitcoin soars - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – The U.S. dollar was\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-11T01:48:10+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor192.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/\",\"name\":\"Dollar struggles as U.S. yields soften; Bitcoin soars - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-02-11T01:48:10+00:00\",\"dateModified\":\"2021-02-11T01:48:10+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/precoinnews.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Dollar struggles as U.S. yields soften; Bitcoin soars\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Dollar struggles as U.S. yields soften; Bitcoin soars - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/","og_locale":"en_US","og_type":"article","og_title":"Dollar struggles as U.S. yields soften; Bitcoin soars - Pre Coin News","og_description":"LONDON (Reuters) – The U.S. dollar was","og_url":"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/","og_site_name":"Pre Coin News","article_published_time":"2021-02-11T01:48:10+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor192.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/","url":"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/","name":"Dollar struggles as U.S. yields soften; Bitcoin soars - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-02-11T01:48:10+00:00","dateModified":"2021-02-11T01:48:10+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/markets\/dollar-struggles-as-u-s-yields-soften-bitcoin-soars\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/precoinnews.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"Dollar struggles as U.S. yields soften; Bitcoin soars"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/112225"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=112225"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/112225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/112224"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=112225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=112225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=112225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}