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Forex Today: Bitcoin Soars to $35k

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Bitcoin has risen strongly so far this week, as approval for the first Bitcoin ETF from US regulators is seen as imminent.

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  1. Bitcoin has been the standout asset of the week so far, rising strongly to touch $35k and make a new 5-month high. This will be attractive on the long side to trend traders. The rise has been attributed to BlackRock listing its bitcoin ETF on the Depository Trust & Clearing Corporation database, sparking intense speculation that the first Bitcoin ETF could soon be approved for retail investors.
  2. In the Forex market, the USD/JPY currency pair has continued to trade within a narrow range just below the big round number at ¥150.00, after previously threatening a major bullish breakout to new 20+ year highs. This has also raised the prospect of Bank of Japan intervention. However, the US Dollar weakened slightly yesterday. Since the Tokyo open, the strongest major currency has been the Australian Dollar, while US Dollar has been the weakest, suggesting a continuing but minor recovery in risk sentiment and putting the AUD/USD currency pair in focus.
  3. Stock markets are mixed.
  4. The prices of some soft commodities have continued to rise significantly, with both Cocoa and Sugar futures either reaching or close to new long-term highs.
  5. UK Claimant Count Change (unemployment claims) data came in higher than expected earlier today.
  6. There will be releases today of Flash PMI Manufacturing & Services data for the USA, UK, Germany, and France.
  7. There will be a release of Australian CPI (inflation) data later.
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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