Bitcoin continues its consolidation phase, trading between $94,000 and $100,000 for nearly two weeks. The cryptocurrency market watches closely for any significant shifts, as Ethereum follows Bitcoin's pattern, hovering around $2,680. Meanwhile, Ripple shows resilience, extending its gains on Monday following a 14% rally last week. Investors are keenly anticipating Tuesday's Reserve Bank of Australia (RBA) interest rate decision, which could influence market trends.
In the foreign exchange market, AUD/USD maintains its position above 0.6350 during the Asian session on Monday. This stability is attributed to the sustained weakness of the US Dollar and the prospects of a meeting between Russia and the United States. These factors outweigh dovish expectations from the RBA, providing support to the pair amid a market thinned by a US holiday.
Japan's preliminary GDP report surprised markets, revealing a 0.7% quarter-on-quarter expansion and a 2.8% year-on-year growth in Q4. The data surpassed expectations and reinforced predictions of another rate hike by the Bank of Japan (BoJ), boosting the Japanese Yen. Consequently, USD/JPY remains off the lows but records moderate losses, trading near 151.50 early Monday.
The economic landscape is also shaped by recent announcements from President Trump regarding tariffs on some of America’s trading partners. These measures are expected to increase, with foreign retaliation anticipated in the coming quarters. The Trump administration's economic policies are gradually unfolding, influencing both domestic and international markets.
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