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Soaring yields saved the greenback – Crypto News
What you need to take care of on Friday, October 21:
The American Dollar started Thursday on the back foot but trimmed intraday losses and finished the day little changed against most major rivals. The greenback eased at the beginning of the day on the back of stable US Treasury yields and firmer equities. Wall Street rallied ahead of the opening following solid earning reports, but US indexes finished the day in the red as bond yields soared to their highest since 2008,
The yield on the 10-year US Treasury note picked up at 4.23%, while the 2-year note yield hit 4.62%, as inflation and recession made it to the top of investors’ concerns.
It is worth noting that the Turkiye Central Bank slashed interest rates by 150 bps for the third consecutive month, with the main rate now at 10.5%, despite annual inflation surpassing 80%.
Another risk-off factor came from the United Kingdom. Prime Minister Liz Truss resigned after 44 days in office, after failing to order the financial system, but instead triggering more chaos. The 1922 Committee announced they would start the Conservative Party’s leadership on Monday, October 24.
The EUR/USD pair trades around 0.9770, while GBP/USD settled at 1.1210, trimming early gains. The AUD/USD pair met sellers around a fresh weekly high of 0.6355 and finished the day unchanged, around 0.6260, while USD/CAD settled at 1.3780.
The USD/JPY pair hit a multi-decade high of 150.28, slowly grinding higher. Market players are cautious as BOJ’s intervention seems imminent.
Gold nears the weekly high, now trading at around $1,626 a troy ounce after trading as high as $1,645. Crude oil prices are stable, with WTI now at $84.80 a barrel.
Bitcoin price will fall to these levels if bulls continue evading support
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