News

ForexLive Asia FX news wrap: Crypto swung lower over the weekend

Forex news for Asia trading on
Monday
24
May 2021

Cryptocurrencies
declined over the weekend with Bitcoin, for example, trading close
to (but not touching)
US$31K before rebounding to highs close to $36K. The
renewed weakness came in the light of China yet again reiterating a
‘crack down’ on crypto activity back on Friday.

Also
from China were further comments re tightening supervision of
industrial commodity futures markets which sent iron ore (for
example) down near 10% (other futures contracts declined also).

More
on all this in the bullets above. 

Across
major FX the ranges have not been large. The Australian dollar was off a
touch on the China commodity market supervision news (ps. its not new
news per se, its more of the same of what we were getting last week).
Elsewhere across the major currencies against the dollar its hardly
worth mentioning the moves, they have been minor only.

Talks
in Vienna (US/Iran) seem to be still on track, weekend news that
nuclear observation of Iran had halted was wound back by Iran
indicating it was preparing to extend access (see bullets above).

Gold was a little better bid but is off its Monday highs:

Articles You May Like

ETHUSD technical analysis
Yen Stays Weak in Quiet Markets, US CPI to Move the Markets This Week
Coinbase shares drop on billion-dollar loss in second quarter and revenue miss
Dollar Hammered after CPI Miss, Yen Strongest But Others May Catch Up
Forexlive Americas FX news wrap: USD rises after strong jobs report but gains are tempered

Leave a Reply

Your email address will not be published.