Dollar Edges Higher Against The Yen
The greenback edged higher against the yen and a basket of other currencies on Friday as global risk appetite returned amid rapidly shifting views on U.S. monetary policy. It is important to note that the dollar had dropped nearly 1 percent overnight as U.S. Treasury yields retreated from four-year peaks. The prospect of the Federal Reserve hiking interest rates steadily this year has brought some much needed support to the U.S. currency.*
Oil Prices Slip Despite Positive U.S. Supply Data
Crude oil prices dipped slightly this morning as traders digested yesterday’s U.S. inventories data. During the last session, oil prices moved higher after the U.S. Energy Information Administration reported on Thursday that crude oil inventories fell by 1.6 million barrels in the week ended Feb. 16, compared to expectations for a gain of around 1.8 million barrels. Oil prices dipped today however, as high U.S. crude exports outweighed lower crude inventories in the world’s biggest consumer of the fuel.**
Bitcoin Drops Below $10,000
Bitcoin prices dropped for a second-straight day to its lowest price in a week, this morning. It should be noted that bitcoin had broken above $11,000 for the first time since late January earlier this week, boosted by better regulatory sentiment out of South Korea. Bitcoin dropped more than 7 percent to a low of $9,849.0 this morning, marking its lowest level in more than a week. The price of bitcoin has halved since its climb to almost $20,000 in December. It is also interesting to point out that BTCUSD is down nearly 29 percent in 2018.***
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