Prominent investment banks expect the dollar to rebound, capping gains in risk assets, including bitcoin. By godbole17
Bitcoin jumped to a three-week high early on Tuesday, tracking continued weakness in the U.S. dollar. However, it may be too early for BTC devotees to throw caution to the wind as some investment banks expect the greenback to regain its mojo soon.
ahead of the Ethereum Merge," founder and CEO of quant-driven trading firm TDX Strategies,Dick Lo said. Bitcoin tends to move in the opposite direction of the dollar. The cryptocurrency's market value has halved to $427 billion this year, with the DXY rising over 10% in response to the U.S. Federal Reserve's rapid-fire rate hikes. The Fed has raised rates by 225 basis points this year, lifting the benchmark borrowing cost to 2.25%-2.5%.
The U.S. Labor Department will release the August inflation report on Tuesday at 12:30 UTC . According to the FactSet survey, CPI probably rose 8.1% over the past 12 months following July's 8.5% reading and June's 9.1% print. The core CPI likely ticked up to 6.1% from 5.9%."We think investors should brace for continued dollar strength over coming months," the bank's strategists led by CIO of global wealth management, Mark Haefele, wrote in a client note published on Sept.
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