{"id":107077,"date":"2021-02-15T02:21:34","date_gmt":"2021-02-15T02:21:34","guid":{"rendered":"https:\/\/fin2me.com\/?p=107077"},"modified":"2021-02-15T02:21:34","modified_gmt":"2021-02-15T02:21:34","slug":"dollar-heavy-as-clues-sought-on-pace-of-u-s-recovery-bitcoin-near-record-high","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/dollar-heavy-as-clues-sought-on-pace-of-u-s-recovery-bitcoin-near-record-high\/","title":{"rendered":"Dollar heavy as clues sought on pace of U.S. recovery; bitcoin near record high"},"content":{"rendered":"<p>TOKYO (Reuters) &#8211; The dollar started the week pinned near two-week lows on Monday as traders questioned whether the recovery from the pandemic in the United States would be as fast as expected.<\/p><figcaption>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><p>Bitcoin traded below $49,000 after pushing to a record $49,714.66 over the weekend, following endorsements last week by Tesla and BNY Mellon.<\/p>\n<p>The dollar index was at 90.427, close to last week\u2019s low of 90.249 &#8211; a level not seen since Jan. 27.<\/p>\n<p>The gauge hit a two-month top of 91.6 on Feb. 5 on hopes that a U.S. rebound would outpace other major economies, but has since retreated amid disappointing employment data.<\/p>\n<p>\u201cThe rebound in the dollar &#8230; was initiated by relative U.S. economic outperformance, or expectations thereof,\u201d said Shinichiro Kadota, senior currency strategist at Barclays Capital in Tokyo. \u201cNow the market is looking for actual evidence that the U.S. economy is outperforming.\u201d<\/p>\n<p>\u201cThe economic data needs to improve,\u201d he said.<\/p>\n<p>The euro was little changed at $1.21215 after climbing 0.6% last week.<\/p>\n<p>The dollar rose 0.2% to 105.09 yen, recovering from some of the previous week\u2019s 0.4% loss.<\/p>\n<p>Many financial markets in Asia remained closed on Monday for Lunar New Year, with the United States also out for Presidents Day.<\/p>\n<p>There has been a tug-of-war over the dollar\u2019s direction this year with some market participants expecting it to strengthen as the U.S. economy outperforms peers including Europe.<\/p>\n<p>Others view the U.S. recovery as a key driver in a global reflation narrative that should lift riskier assets at the dollar\u2019s expense.<\/p>\n<p>\u201cThe U.S. outperformance story &#8230; has a lot further to run thanks to fiscal stimulus and faster vaccine deployment,\u201d Westpac strategists wrote in a client note.<\/p>\n<p>\u201cBut ongoing aggressive U.S. reflationary fiscal and monetary policy settings will leave DXY on a sustained medium-term bear trend,\u201d the note said, referring to the dollar index.<\/p>\n<p>Bitcoin last traded at $48,772, little changed from the record high. It surged roughly 25% last week for its best performance since the turn of the year.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/global-forex\/forex-dollar-heavy-as-clues-sought-on-pace-of-u-s-recovery-bitcoin-near-record-high-idUSL4N2KL08Z\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TOKYO (Reuters) &#8211; The dollar started the week pinned near two-week lows on Monday as traders questioned whether the recovery from the pandemic in the [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":107076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dollar heavy as clues sought on pace of U.S. recovery; bitcoin near record high - Fin2me<\/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:\/\/fin2me.com\/markets\/dollar-heavy-as-clues-sought-on-pace-of-u-s-recovery-bitcoin-near-record-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar heavy as clues sought on pace of U.S. recovery; 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