US Dollar strengthens as 10 year treasury yield surpasses 3%

1. The greenback strengthened against a number of major currencies, as the US 10 year bond yield broke the psychological 3% level.
2. The level is considered as one of the highest since 2014 and boosted demand for the US Dollar.
3. Analysts suggest that expectations for the US economy are now stronger thanks to the recent tax cuts and a possible increased fiscal spending.
4. Should the 10 year treasury yield continue to rise we could see the US Dollar strengthening further and vice versa.

Cryptocurrencies on the rise

1. Cryptocurrencies are on the rise for the past week, with bitcoin breaching the 9000 psychological threshold yesterday.
2. The trend setter seems to be Bitcoin, while cryptos like Etherium, Ripple and Litecoin seem to follow the same direction with similar patterns.
3. 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.
4. 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.
5. 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.

IronFX Daily Report