NEW YORK/LONDON (Reuters) – The dollar edged higher on a mixed set of U.S. macro data that did not change the view that the economy is still solid, suggesting the Federal Reserve is likely to slide further into the year the first rate cut since 2020.
At 5.30pm the dollar index gained 0.05% to 106.003, remaining near this week’s 5-and-a-half month high of 106.51, touched on Tuesday. The index is up 4.5% so far this year.
The Japanese currency slipped against the dollar, which gained 0.12% to 154.58 yen, not far from the 34-year low reached on Tuesday at 154.79.
The euro fell 0.11% against the dollar to 1.0659 after yesterday’s rise, moving away from a five-month low hit on Tuesday. The pound is stuck at $1.2459.
As for cryptocurrencies, bitcoin advances by 4.7% to 63,708 dollars in view of the ‘halving’ expected in the next few days.
‘Halving’ is a process built into the very functioning of bitcoin, designed to reduce its circulating supply. Every four years the amount of new bitcoins created per block is halved. Essentially, the rewards for ‘mining’, which is the process by which bitcoins are created, are being halved.
(Translated by Laura Contemori, editing Alessia Pé)
Tags: Forex dollar rises modestly strong data Fed comments Reuters
