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The dollar was largely unchanged in early European trade Monday, with traders showing caution ahead of the latest two-day meeting of the Federal Reserve.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was marginally lower at 90.483, after posting a gain of just over 0.5% last week.
USD/JPY rose 0.1% to 109.76, GBP/USD climbed 0.1% to 1.4112, EUR/USD edged lower to 1.2104, after touching an almost one-month low of 1.2093 in the previous session, while the risk-sensitive AUD/USD was 0.1% higher at 0.7711.
The greenback saw some gains last week after the U.S. consumer price index jumped 5.0% year-on-year in May, the sharpest rise in more than a dozen years, raising fears the Federal Reserve will be forced into reining in its ultra easy monetary policies earlier than expected.
Bitcoin hit a two-week peak just shy of $40,000 on Monday (NASDAQ:MNDY), after another weekend reacting to tweets from Tesla (NASDAQ:TSLA) boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.
Bitcoin has gyrated to Musk’s views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change.
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk said on Twitter on Sunday.
Bitcoin rallied more than 9% after that message, breaking above its 20-day moving average, and it climbed a tiny bit further in Asia to hit $39,838.92.
Global shares held near record highs on Monday (NASDAQ:MNDY) while U.S. bond yields flirted with three-month lows as investors expect the Federal Reserve to stick to its dovish mantra later this week.
Japan’s Nikkei rose 0.7% while MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2%. Activity was limited with the region’s largest markets – China, Hong Kong and Australia – closed for a holiday.
Globally, markets were basking in the prospect of a broadening economic recovery from the coronavirus pandemic and anticipation of continuity in dovish monetary policy from the U.S. Federal Reserve. Oil stood at multi-year highs. [O/R]
The MSCI world equity index, the U.S. S&P 500 and the pan-regional STOXX Europe 600 index all closed at record highs on Friday. EuroSTOXX 50 futures rose 0.2% on Monday. S&P 500 futures nudged up 0.1%.
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