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Profits in dollars from worrying about the virus in Asia; cryptocurrencies glide along the musk tweet

An employee of the Korea Exchange Bank counts one hundred US dollar bills during a photo opportunity at the bank’s headquarters in Seoul on April 28, 2010. REUTERS / Jo Yong-Hak

The US dollar was supported on Monday amid concerns about coronavirus restrictions in Asia, but investors are in a big position to fall while the US Federal Reserve maintains low levels.

Bitcoin sank to a three-month low after Tesla Inc (TSLA.O) boss Elon Musk suggested over the weekend that the carmaker was considering selling or may have already sold some of its cryptocurrency holdings. Read more

Relieving commodity prices and fresh virus outbreaks in Singapore and Taiwan – where COVID-19 was detained – helped moderate dollar gains of 0.3% against the Australian dollar and 0.4% against the New Zealand dollar.

The greenback changed slightly against the euro and yen, but it remained close to testing key support levels, which could see a return to a downtrend that hit it in April.

The jump in the dollar, which followed higher-than-expected inflation data, also disappeared as traders believe the US Federal Reserve will keep it low.

The dollar last traded at $ 1.2130 per euro and has support around $ 1.2179. The dollar index is also at 90,397, slightly above the key support of 89,677 and 89,206. It bought 109.37 yen and traded at $ 0.7756 for an Australian and $ 0.7219 for a kiwi.

The Fed minutes in an April meeting ahead of last week’s surprise data are due to appear on Wednesday and are the market’s next focus for evidence of central bank thinking.

“We expect the protocols … to reiterate that politicians see the rise in inflation as transient,” said Kim Mundy, a currency strategist at the British Commonwealth Bank in Sydney.

“The result is that we do not expect (the Federal Reserve) to consider the speed of buying its assets soon,” she said. “The dollar is expected to resume its decline this week after last week’s CPI-inspired push.”

Cryptocurrencies traded under pressure after another weekend, which bounced after a tweet from Tesla’s Musk, according to which the company is likely to sell its bitcoin holdings. Read more

Bitcoins were last traded at 7.13% to $ 43,133. Earlier, it fell to 42,185 dollars, the lowest since February 8. The ether fell to a two-week low of $ 3,123.

Speculators raised their bets against the dollar last week, mostly by adding to the euro bets and to a lesser extent sterling, while Britain and Europe are moving towards a recovery.

Sterling climbed close to a two-and-a-half-month high on Monday at $ 1.4086 as the UK reopened its economy after a four-month blockade of COVID. Read more

Things are moving in the opposite direction in Asia, where some early leaders in domesticating the pandemic are now dealing with new outbreaks.

Singapore and Taiwan tightened the curbs as cases weighed heavily on the Singapore dollar as the Taiwan dollar fell to a three-week low on Monday. Read more

The land yuan changed slightly to 6.4380 per dollar after a mixed round of economic data showed that China’s industrial production slowed and retail sales missed forecasts last month. Read more

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