So dollar has taken a whack of late providing some much need relief to dollar debt holders,I guess this wasn’t a surprise considering its impressive run. With the fed tightening and the US economic indicators showing signs of cooling or at least pointing toward more challenging times which has long been echoed throughput the financial community for many months, many have reconsidered such bullish or optimistic positions.
Bitcoin has smashed many expectations over the last few weeks hitting more than $2700 per coin, this all contributes towards a lower dollar. The lack of faith in the worlds #1 reserve currency may be fading or at least feeling some real pressure because some very interesting things have been occurring in the world of crypto currencies. For example the Winklevoss brothers tried to seek approval for the first ever Bitcoin ETF from the SEC. When the news began to circulate Bitcon rallied, but this was short lived once it was known the SEC rejected the Winklevoss Bitcoin ETF proposal and so began to trade lower in later sessions. However! News soon surfaced that the Sec would reconsider the Winklevoss brothers ETF proposal possibly pointing toward and actual approval of the 1st ever Bitcoin ETF by the United States authority body opening the floodgates to a new way of using cash. Baring in mind world governments are already doing a lot to ban cash.
Petro dollars and lack of also means added pressure for the dollar. OPECs members have again agreed to cut supply due lack of demand and high inventories further adding to the woes of the US dollar.
Also I belive the recent rally into european stocks is due to Macron winning the French election and not Marine LePen. I find the Eurozone such a fragile place at the moment due to such political turmoil and lack of confidence in the European Union that im not sure this rally can last long especially if the US economy shows conformation of slowing.
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