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Dollar held back by doubts about the pace of the US recovery; Bitcoin declines from record high

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US dollar banknotes.

Liu Jie | Xinhua via Getty

The dollar started the week at an almost two-week low on Monday as traders questioned whether the resumption of the pandemic in the United States would be as quick as expected.

Bitcoin remained volatile, falling to $ 45,914.75 per day after hitting a record high of $ 49,714.66.

The world’s most popular cryptocurrency had risen 25% last week, thanks to endorsements from Tesla and BNY Mellon.

The dollar index slipped 0.1% to 90.336, close to last week’s low of 90.249, a level not seen since January 27.

The indicator hit a two-month high of 91.6 on February 5, hoping a US rebound would outpace other major economies, but has since retreated amid disappointing employment data.

“Today the market is looking for hard evidence that the US economy is outperforming,” said Shinichiro Kadota, senior currency strategist at Barclays Capital in Tokyo.

“The economic data must improve.”

The euro edged up 0.1% to $ 1.21315, extending last week’s 0.6% advance.

The dollar rose 0.1% to 105.04 yen, recouping some of the previous week’s 0.4% loss.

Many financial markets in Asia remained closed for Lunar New Year on Monday, with the United States also absent for Presidents’ Day.

Riskier currencies gained against the greenback, with the Australian dollar adding 0.3% to 77.795 US cents after earlier hitting a one-month high of 77.85.

The British pound appreciated 0.3% to $ 1.3895 after renewing a nearly three-year high of $ 1.3901.

The Chinese yuan hit its highest level since June 2018 at 6.4012 per dollar in the offshore market.

In cryptocurrencies, bitcoin was last traded down 3.7% to $ 46,852.

The Rival Ethereum virtual coin, which often trades in tandem with Bitcoin, fell 4.3% to $ 1,725. It hit a record high of $ 1,874.98 on Saturday.

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