The Bitcoin market exhibited stability, with prices hovering around $104,000 on Friday. Traders are keenly anticipating the release of the US Personal Consumption Expenditures (PCE) Price Index for new market insights. Meanwhile, the European Central Bank (ECB) has announced another interest rate cut of 25 basis points, signaling a continuation of the current rate reduction cycle.
Bitcoin demonstrated resilience earlier in the week when its price rebounded from the 50-day Exponential Moving Average, which was approximately $98,800. This recovery has kept traders optimistic about future price movements as they await key economic indicators that could provide fresh impetus to the market.
In parallel financial developments, the USD/JPY currency pair is reflecting a renewed uptick in the US Dollar. This movement is largely attributed to robust Tokyo Consumer Price Index (CPI) data, which has bolstered the pair. Despite increased speculation regarding potential interest rate hikes by the Bank of Japan, the USD/JPY pair continues to gain traction. Additionally, US President Donald Trump's tariff threats contribute to supporting the Greenback, particularly ahead of the much-anticipated US PCE inflation data release.
In the Asian trading session on Friday, the AUD/USD pair is maintaining a defensive stance, sustaining bids above 0.6200. This performance highlights the pair's resilience amid fluctuating market conditions and ongoing global economic challenges.
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