Daily Report: Cryptocurrencies on the rise & US 10 year treasury yield surpasses 3%
Bitcoin market price reached another threshold.
US Dollar strengthens as 10 year treasury yield surpasses 3%
- The greenback strengthened against a number of major currencies, as the US 10 year bond yield broke the psychological 3% level.
- The level is considered as one of the highest since 2014 and boosted demand for the US Dollar.
- Analysts suggest that expectations for the US economy are now stronger thanks to the recent tax cuts and a possible increased fiscal spending.
- Should the 10 year treasury yield continue to rise we could see the US Dollar strengthening further and vice versa.
Cryptocurrencies on the rise
- Cryptocurrencies are on the rise for the past week, with bitcoin breaching the 9000 psychological threshold yesterday.
- The trend setter seems to be Bitcoin, while cryptos like Etherium, Ripple and Litecoin seem to follow the same direction with similar patterns.
- Headlines like Sweden’s Riksbank considering to issue an e-Krona, seem to be perceived by traders as an indication of crypto’s going mainstream reawakening interest in the crypto-market.
- Further headlines like crypto currency projects being backed by big investors and Goldman Sacks hiring former Crypto trader to lead digital assets feed the crypto market to growth.
- Should there be further positive headlines we could see the cryptos strengthening further.
Today’s other economic highlights
- France: Consumer Confidence for April, Survey: 100.0 Prior:100.0, 06:45 (GMT), neutral to bearish for EUR
- US: EIA Crude Oil Inventories, Survey:-2.648M Prior:-1.071M, 14:30 (GMT), could strengthen Oil Prices
- Speakers: BoC Governor Poloz speaks at the senate’s Banking, Trade and Commerce Committee for finance.