17.05.2019: USD hits news highs while Bitcoin plunges (USD, CAD, Bitcoin)

The US dollar is set to end this trading week
at the 2-week high. Though the uncertainty regarding the trade
conflict between the United States and China persist, traders keep buying the greenback. The US dollar index rose to the level of 97.9
amid the positive macroeconomics statistics. Most investors fear that the US economy may
sink into recession in the light of the ongoing stand-off between two superpowers, so the
upbeat news soothes such worries. Today the upbeat news was the report published
by the University of Michigan. According to the report, the preliminary consumer
sentiment index soared to the highest level since January 2004. It reached the level of 102.4 points. This gauge is really important as better consumer
sentiment signals higher consumer spending that accounts for a large part of the gross
domestic product. Amid this news, the US dollar may rally against
the Canadian currency. The USD/CAD pair approached the level of 1.3500
but failed to break above it. After all, the loonie is also strong thanks
to rising oil prices. As for the cryptocurrency market, here traders
witnessed a sharp reversal. After seven consecutive weeks of growth, bitcoin
quotes came off highs. The most popular cryptocurrency plunged by
over 10%. On Tuesday 1 bitcoin equaled a bit more than
8,300 dollars but today some big players decided to fix their profits, thus pushing the price
towards 7,240 dollars. Now the dynamics of bitcoin depend on the
further moves of market participants. That is all for today. Have a good weekend. See you on Monday on our channel. Bye!

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