Home Forex Dollar Little Changed, Bitcoin Soars to $700

Dollar Little Changed, Bitcoin Soars to $700

signs of some currencies: yuan dollar yen and Australian dollar

The greenback was little changed against other major currencies on Monday as investors sat on the sidelines ahead of the Federal Reserve’s policy meeting this week.

After May’s dismal job report, the markets have pushed back expectations of a rate hike in the near-term. Jobs growth was at its slowest pace in six years last month.

The yen was strengthened by weak economic data out of Japan and China on Monday. China’s data showed fixed-asset investment growth dropped to below 10% for the first time in 16 years between January and May.

A separate report out of Japan showed a gauge of sentiment at large manufacturers slipped to negative 11.1 in the second quarter.

USD/JPY fell to 106.66, down 0.88%, after falling to near a two-month low earlier in the session. EUR/USD was up 0.15% to 1.1269.

The dollar advanced against the pound to 1.4173, and held steady against the Swiss franc, at 0.9664.

The sterling is under pressure as investors fear the potential for the U.K. to exit the EU could trigger even greater uncertainty in the region’s financial markets.

An opinion poll from ORB International on Friday showed 53% of voters in support of a Brexit, while 47% were in favor of remaining in the EU.

Meanwhile, USD/CAD was down 0.08% to 1.2774.

Elsewhere, bitcoin made headlines, breaking above the key $650 mark for the first time in two years on Monday. The cryptocurrency is riding high on bullish chart signals, which is boosting investor confidence.

The virtual currency’s prices were supported by strong volume growth due to China’s increased trading activity. Increasing concerns of an economic slowdown and a devalued yuan have sent investors searching for alternative assets.

On Bitfinex, BTC/USD was up 6.36%, $41.01, to trade at $686. Prices for the virtual currency reached an intraday high of $699.33 earlier in the session, the highest level since February 2014.