{"id":112623,"date":"2021-02-12T21:07:18","date_gmt":"2021-02-12T21:07:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112623"},"modified":"2021-02-12T21:07:18","modified_gmt":"2021-02-12T21:07:18","slug":"u-s-dollar-inches-up-but-off-highs-bitcoin-retreats","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/u-s-dollar-inches-up-but-off-highs-bitcoin-retreats\/","title":{"rendered":"U.S. dollar inches up, but off highs; bitcoin retreats"},"content":{"rendered":"

NEW YORK (Reuters) – The dollar was slightly higher on Friday, coming off its strongest level for the day, as risk appetite returned to the market in the afternoon with U.S. equities recovering from early losses and Treasury yields extending their rise.<\/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\/File Photo<\/figcaption>

Investors also consolidated gains made on other currencies at the expense of the dollar ahead of a long weekend in the United States. Financial markets are closed on Monday for Presidents Day.<\/p>\n

The outlook for the dollar remained lower, according to Marshall Gittler, head of investment research at BDSwiss Group.<\/p>\n

The dollar is \u201cconsidered the safest of safe havens and tends to fall when people are not looking for safe havens,\u201d Gittler said. \u201cWith markets rallying and the U.S. Fed on hold indefinitely, I expect the dollar to be widely used as a funding currency, pushing its value down.\u201d<\/p>\n

Bitcoin, meanwhile, was down 1.3% on the day at $47,356, after hitting a record high of $49,000. It posted gains of roughly 20% in a milestone week marked by the endorsement of major firms such as Elon Musk\u2019s Tesla.<\/p>\n

The world\u2019s most popular cryptocurrency hit a record high overnight after U.S. banking group BNY Mellon said it had formed a unit to help clients hold, transfer and issue digital assets.<\/p>\n

In afternoon trading, the dollar index rose 0.1% to 90.494 after subdued volumes in Asia because of the Lunar New Year. On the week, the index fell 0.6%, its first losing week in three – in what ING analysts described as a \u201cconsolidative mood\u201d amid uncertainty about the pace of the U.S. economic recovery.<\/p>\n

Weaker-than-expected weekly U.S. jobless claims data on Thursday added to concerns the dollar\u2019s previous rally had priced in too fast an economic rebound.<\/p>\n

The dollar was up 0.2% against the yen at 104.97 yen. It fell 0.4% on the week, its steepest fall since mid-December.<\/p>\n

There has been a divergence in views among traders so far this year over how U.S. President Joe Biden\u2019s planned $1.9 trillion fiscal stimulus package will affect the dollar.<\/p>\n

Some see it as bolstering the currency as it should speed a U.S. recovery relative to other countries, while others reckon it would feed a global reflation narrative that should lift riskier assets at the dollar\u2019s expense.<\/p>\n

The euro slipped 0.1% to $1.2116, but on the week, the single European currency rose 0.5%.<\/p>\n

The British pound rose 0.2% versus the dollar to $1.3848, despite data showing Britain\u2019s economy suffered a record slump in 2020, although it did grow in the final quarter.<\/p>\n

The Australian dollar , a proxy for risk appetite, rallied from lows to trade flat on the day at US$0.7753. The New Zealand dollar likewise cut its losses against the greenback.<\/p>\n

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

NEW YORK (Reuters) – The dollar was<\/p>\n","protected":false},"author":3,"featured_media":112622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nU.S. dollar inches up, but off highs; bitcoin retreats - 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\/u-s-dollar-inches-up-but-off-highs-bitcoin-retreats\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. dollar inches up, but off highs; bitcoin retreats - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) – The dollar was\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/u-s-dollar-inches-up-but-off-highs-bitcoin-retreats\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-12T21:07:18+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\/cnewsfotor3-2.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\/u-s-dollar-inches-up-but-off-highs-bitcoin-retreats\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/u-s-dollar-inches-up-but-off-highs-bitcoin-retreats\/\",\"name\":\"U.S. dollar inches up, but off highs; 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