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Bitcoin Continues to Rise to a One-Month High
Monday 23 September 2024 12:03 | EconomicNumber of readings: 44
[rtl]Baghdad / NINA / The cryptocurrency Bitcoin rose to its highest level in a month, on Monday, continuing a rally that followed the US Federal Reserve's interest rate cut last week, while the yen continued to decline in thin trading due to a holiday in Japan.
The dollar rose against the yen last week after monetary policy decisions in the United States and Japan, reaching a two-week high of 144.50 yen. The dollar was trading at 144.16 yen on Monday.
The Bank of Japan kept interest rates unchanged last week and indicated that it was in no hurry to raise them again. The decision, which came a few days after the US interest rate was cut by 50 basis points, ended a series of big gains achieved by the yen this month. The Japanese currency rose 1.4 percent in September.
With markets closed for a holiday in Japan, the main driver of trading has become expectations of further interest rate cuts in the United States and the gains that would accrue to stocks, currencies, commodities and other high-risk assets.
Bitcoin rose 1.8 percent to $63,954, hovering near its highest level in a month. Cryptocurrency ether also rose 3% to $2,660.30, near its highest since late August.
The Australian dollar rose 0.4% to $0.68355, extending gains of 3% in less than two weeks.
The dollar index, which tracks the greenback against six major currencies, was at 100.75, staying above a one-year low hit last week.
The euro was steady at $1.1165.
According to the CME Group’s FedWatch tool, Fed futures traders expect the Fed to cut rates by 75 basis points by the end of this year and 200 basis points by December 2025, bringing the target rate to 2.75% by the end of next year.
Most economists polled by Reuters had forecast a 25 basis point cut at each of the Fed’s last two meetings this year.
The Bank of England kept interest rates unchanged on Thursday, with its governor saying the bank should be "careful not to cut too quickly or too much".
Sterling was little changed at $1.3315, remaining close to highs hit on Friday after strong UK retail sales data./End9[/rtl]
The dollar rose against the yen last week after monetary policy decisions in the United States and Japan, reaching a two-week high of 144.50 yen. The dollar was trading at 144.16 yen on Monday.
The Bank of Japan kept interest rates unchanged last week and indicated that it was in no hurry to raise them again. The decision, which came a few days after the US interest rate was cut by 50 basis points, ended a series of big gains achieved by the yen this month. The Japanese currency rose 1.4 percent in September.
With markets closed for a holiday in Japan, the main driver of trading has become expectations of further interest rate cuts in the United States and the gains that would accrue to stocks, currencies, commodities and other high-risk assets.
Bitcoin rose 1.8 percent to $63,954, hovering near its highest level in a month. Cryptocurrency ether also rose 3% to $2,660.30, near its highest since late August.
The Australian dollar rose 0.4% to $0.68355, extending gains of 3% in less than two weeks.
The dollar index, which tracks the greenback against six major currencies, was at 100.75, staying above a one-year low hit last week.
The euro was steady at $1.1165.
According to the CME Group’s FedWatch tool, Fed futures traders expect the Fed to cut rates by 75 basis points by the end of this year and 200 basis points by December 2025, bringing the target rate to 2.75% by the end of next year.
Most economists polled by Reuters had forecast a 25 basis point cut at each of the Fed’s last two meetings this year.
The Bank of England kept interest rates unchanged on Thursday, with its governor saying the bank should be "careful not to cut too quickly or too much".
Sterling was little changed at $1.3315, remaining close to highs hit on Friday after strong UK retail sales data./End9[/rtl]
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