{"id":116833,"date":"2021-06-21T09:34:33","date_gmt":"2021-06-21T09:34:33","guid":{"rendered":"https:\/\/fin2me.com\/?p=116833"},"modified":"2021-06-21T09:34:33","modified_gmt":"2021-06-21T09:34:33","slug":"dollar-holds-gains-after-fed-boost-bitcoin-tumbles","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/dollar-holds-gains-after-fed-boost-bitcoin-tumbles\/","title":{"rendered":"Dollar holds gains after Fed boost; bitcoin tumbles"},"content":{"rendered":"

LONDON (Reuters) – The dollar held on to the previous week\u2019s gains on Monday after the Fed\u2019s surprise hawkish tilt, while bitcoin tumbled as China stepped up its crackdown on mining of the cryptocurrency.<\/p>

FILE PHOTO: A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS\/Thomas White\/Illustration\/File Photo<\/figcaption>

The dollar index was broadly flat on the day after a leap of 1.9% last week – the most since March 2020 – as the U.S. Federal Reserve signalled a sooner-than-expected end to its ultra-easy monetary policy.<\/p>\n

The index, which tracks the greenback against six major currencies, dipped slightly to 92.221 from a high of 92.405 reached on Friday, a level not seen since April 13.<\/p>\n

The Fed\u2019s hawkish stance has weighed on risk sentiment since, including for stock markets, while boosting currencies seen as safe havens including the dollar and the Japanese yen.<\/p>\n

The yen strengthened further on Monday, up a quarter of a percent versus the dollar at 109.97 per dollar, while the euro was broadly flat.<\/p>\n

\u201cThe Fed\u2019s hawkish policy shift has brought an abrupt end to the recent period of low volatility and narrow trading ranges for G10 FX,\u201d currency analysts at MUFG said in a note.<\/p>\n

\u201cThe Fed has encouraged market participants to price in more rate hikes into next year lifting US short rates and the USD.\u201d<\/p>\n

The Fed\u2019s policy stance has become a tailwind for the dollar and will be a challenging backdrop for risk assets, Westpac analysts said.<\/p>\n

While the dollar index has the scope to test highs reached in March after its recent gains, \u201cthere\u2019s not enough juice for a sustained medium-term breakout beyond that\u201d, they added.<\/p>\n

Analysts at Goldman Sachs agreed the dollar\u2019s gains may not be sustained, noting other central banks will need to consider policy normalisation too as their economies recover from the blow of the pandemic.<\/p>\n

In cryptocurrencies, bitcoin\u2019s poor recent run continued with an 8% drop below $33,000, as China expanded restrictions on mining to the province of Sichuan.<\/p>\n

Cryptomining is big business in China, accounting for more than half of global bitcoin production.<\/p>\n

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

LONDON (Reuters) – The dollar held on to the previous week\u2019s gains on Monday after the Fed\u2019s surprise hawkish tilt, while bitcoin tumbled as China […]<\/p>\n","protected":false},"author":3,"featured_media":116832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nDollar holds gains after Fed boost; bitcoin tumbles - 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\/business\/dollar-holds-gains-after-fed-boost-bitcoin-tumbles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar holds gains after Fed boost; bitcoin tumbles - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – The dollar held on to the previous week\u2019s gains on Monday after the Fed\u2019s surprise hawkish tilt, while bitcoin tumbled as China [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/dollar-holds-gains-after-fed-boost-bitcoin-tumbles\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-21T09:34:33+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/06\/Dollar-holds-gains-after-Fed-boost-bitcoin-tumbles.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\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:\/\/fin2me.com\/business\/dollar-holds-gains-after-fed-boost-bitcoin-tumbles\/\",\"url\":\"https:\/\/fin2me.com\/business\/dollar-holds-gains-after-fed-boost-bitcoin-tumbles\/\",\"name\":\"Dollar holds gains after Fed boost; 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