Bitcoin has been consolidating between $94,000 and $100,000 for nearly two weeks. As the cryptocurrency market maintains its steady course, all eyes are on Tuesday's Reserve Bank of Australia (RBA) interest rate decision. The global economic landscape is witnessing significant developments, from the sustained weakness of the US Dollar to the prospects of a Russia-US meeting, which currently overshadow the dovish expectations from the RBA. These factors support a stable AUD/USD, which holds its gains above 0.6350 in the Asian session on Monday despite a US holiday-thinned market.
In parallel, Japan's economic data presents an optimistic outlook. The preliminary GDP report for Q4 revealed an impressive expansion of 0.7% quarter-on-quarter and 2.8% year-on-year. This stronger-than-expected growth has reinforced market speculations regarding another potential rate hike by the Bank of Japan (BoJ), thereby bolstering the Japanese Yen. As a result, USD/JPY has experienced moderate losses, stabilizing near 151.50 early Monday.
Meanwhile, Ethereum follows Bitcoin's trajectory, hovering around $2,680. Ripple extends its gains on Monday, continuing a rally that saw it rise by 14% last week. These movements reflect broader trends within the cryptocurrency market, which remains resilient amid varied economic signals.
The economic policies of the Trump administration are beginning to take shape. President Trump has announced tariffs on several of America's trading partners, with further levies expected to follow. These are likely to be met with foreign retaliation in the coming quarters, adding another layer of complexity to the global economic environment.
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