{"id":27095,"date":"2024-03-06T12:13:48","date_gmt":"2024-03-06T12:13:48","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=27095"},"modified":"2024-03-06T12:13:48","modified_gmt":"2024-03-06T12:13:48","slug":"currency-market-stabilizes-ahead-of-powell-speech-bitcoin-gains-momentum","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/currency-market-stabilizes-ahead-of-powell-speech-bitcoin-gains-momentum\/","title":{"rendered":"Currency Market Stabilizes Ahead of Powell Speech, Bitcoin Gains Momentum"},"content":{"rendered":"<h1><strong>Currency Market Stabilizes Ahead of Powell Speech, Bitcoin Gains Momentum<\/strong><\/h1>\n<p><span style=\"font-weight: 400;\">On Wednesday, the U.S. dollar remained stable as traders awaited Federal Reserve Chair Jerome Powell&#8217;s congressional testimony and upcoming key events, including a European Central Bank (ECB) rate decision and U.S. jobs data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin showed renewed momentum in the cryptocurrency market, though it did not surpass its recent record high achieved in a tumultuous overnight session.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dollar&#8217;s movement was restricted, reflecting a slight decline after data revealed a minor slowdown in U.S. services industry growth last month. The upcoming February U.S. jobs report, due on Friday, is anticipated to significantly influence <a href=\"https:\/\/www.xtrememarkets.com\/US\/markets\/\"><strong>market<\/strong><\/a> expectations regarding interest rates, especially if employment figures exceed forecasts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Powell&#8217;s testimony before Congress, focusing on the state of the U.S. economy, is expected to confirm the Fed&#8217;s intention to analyze more data before considering any rate cuts. The Fed chief might also discuss January&#8217;s strong core inflation, which analysts believe won&#8217;t alter the market&#8217;s expectation of a rate cut starting in June.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, the market shows about a 60% likelihood of a June rate cut, as indicated by the CME FedWatch tool. The dollar index stood around 103.76, demonstrating its strength against six major currencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The euro remained stable at $1.0855, with the market anticipating the ECB&#8217;s rate decision. The bank is expected to maintain rates at 4% and provide updates on economic projections and hints about potential rate cuts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sterling was steady at $1.27050 ahead of the British budget announcement. Meanwhile, the Australian dollar recovered slightly, dismissing GDP data that showed only 0.2% growth in the fourth quarter and strengthened the case for rate cuts. It was last up 0.24% at $0.65195.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The New Zealand dollar also rose, gaining 0.16% to $0.60960, despite reaching a three-week low earlier. Conversely, the dollar fell 0.12% against the yen, settling at 149.86.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Attention is also focused on Bitcoin, which recently soared to a new high before sharply retreating. It was last up 4.11% at $65,921, fueled by investments in U.S. spot exchange-traded crypto products and anticipation of global interest rate reductions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Currency Market Stabilizes Ahead of Powell Speech, Bitcoin Gains Momentum On Wednesday, the U.S. dollar remained stable as traders awaited Federal Reserve Chair Jerome Powell&#8217;s congressional testimony and upcoming key events, including a European Central Bank (ECB) rate decision and U.S. jobs data. Bitcoin showed renewed momentum in the cryptocurrency market, though it did not<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/currency-market-stabilizes-ahead-of-powell-speech-bitcoin-gains-momentum\/\">continue reading<\/a>.","protected":false},"author":1,"featured_media":27096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[2361,509,19,217,22,433,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Currency Market Stabilizes Ahead of Powell Speech, Bitcoin Gains<\/title>\r\n<meta name=\"description\" content=\"The U.S. dollar remained stable as traders awaited Federal Reserve Chair Jerome Powell&#039;s congressional testimony.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/currency-market-stabilizes-ahead-of-powell-speech-bitcoin-gains-momentum\/\" \/>\r\n<meta 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