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10 Feb 2022

Bitcoin, Gold drop on U.S. dollar surge, eyes on U.S inflation data

As of Thursday morning, the dollar was up in London, holding a narrow range, while riskier assets pulled back. Inflation data for the United States is now the focus of investors.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.06% to 95.552
Thursday morning, gold prices declined in Asia, staying in a tight range. The latest inflation data from the United States could provide insight into the Federal Reserve’s plans for tightening monetary policy.
Near Wednesday’s high of $1,835.60, gold futures touched $1,835 an ounce on Thursday. On Thursday, the dollar, which is normally inversely correlated to gold, edged higher while benchmark 10-year U.S. government bond yields declined from November highs.
While many Crypto assets saw profit-taking as investors cautiously held their bets, Bitcoin dropped below $44K support level amid profit-taking.
Prior to the U.S. data, which includes the consumer price index later in the day, most major currencies held steady. Moreover, the data may provide more insight into the timing of the Federal Reserve’s tightening of monetary policy.
When the Fed meets in March, investors will increase their bets on a rate hike. Loretta Mester, president of the Cleveland Federal Reserve, however, said there was no compelling reason to start with a 50-basis-point rate hike.
Mester added that future rate increases would depend on how much and how quickly inflation moderates or persists after March.
As expectations of interest rate increases, yields on U.S. and European government bonds have been rising.
Yields on 10-year U.S. notes quietened in early Asian trading Thursday, with 10-year notes yielding 1.9354%. A 27-month high was reached on Tuesday with 1.970%.

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