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Dollar backed by strong US data, Bitcoin near record $ 52,640

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LONDON (Reuters) – The dollar traded against recent highs on Thursday after its first consecutive gains in two weeks, as bullish data bolstered expectations that the U.S. economy would recover from the coronavirus pandemic faster than most of his peers.

FILE PHOTO: US dollar bills are seen in front of the stock chart displayed in this illustration taken February 8, 2021. REUTERS / Dado Ruvic / Illustration

Bitcoin traded near the new all-time high of $ 52,640 reached overnight, rising around 58% this month, prompting some analysts to warn that the rally could be unsustainable.

Government stimulus helped US retail sales rebound strongly in January, while industrial production data and producer prices also provided solid upside surprises.

Investors expect further impetus from Joe Bidens, who has proposed a $ 1.9 trillion COVID-19 relief package, with the president meeting with key labor leaders on Wednesday to gain support for the plan .

Meanwhile, the minutes of the Federal Reserve Policy Meeting last month reinforced central banks’ willingness to let the economy warm up while maintaining ultra-accommodative monetary parameters.

As we have seen in the last few weeks, the dollar has become more and more cyclical as there is now a link with Fed prices and the expected reduction and probably also, with generally low volatility indices. , we also have more leeway to focus on smaller relative differences and the correlations between assets have declined, said Mikael Milhj, senior analyst at Danske Bank.

Either way, retail sales were a good event study to support our view of the second half US outperformance may support the dollar. This is different from last year, where positive surprises would always be negative for the dollar, regardless of the origin, as it removed the risk of deflation.

The dollar index was off 0.15% at 90.748 on Thursday in London morning trade after strengthening 0.2% overnight and 0.4% on Tuesday.

The gauge has gained around 1% this year, rebounding from an almost 7% decline in 2020 that extended to a 2-1 / 2 year low of 89.206 in early January.

The euro gained 0.2% to $ 1.2065 after slipping 0.5% overnight, the most in two weeks.

With US Treasury yields stabilizing and stock markets falling moderately overnight, EUR / USD is expected to consolidate and stay above $ 1.2,000, ING said in a note to clients.

The dollar was almost flat at 105.735 yen, following a pullback on Wednesday after hitting a five-month high at 106.225.

The British pound traded above $ 1.39 against the dollar and hit a new high against the euro of 86.70 pence. The pound is the best performing G10 currency against the dollar this year.[GBP/]

Reporting by Ritvik Carvalho; additional reporting by Kevin Buckland in Tokyo; Editing by Toby Chopra

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