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Market Snapshot – Slow Day in the FX Markets so Far

Bitcoin Prices Buoyed

Bitcoin prices continued to trade in a pretty strong and steady manner for most of the day today as the bull run seems to have got a second wind and the prices have been moving higher since the beginning of the week. The only hiccup to this move higher was expected at the $10400 region but once that hurdle was cleared, the prices have moved smoothly ahead. Now it remains to be seen whether the bulls in the bitcoin market would be able to ensure that the prices remain strong and steady above this region and if that happens, more and more traders would be attracted to the market and would then come back in droves which would increase the liquidity and the demand as well and this would in turn push up the prices due to the limited availability. The bulls need to make a stand at some point of time to remove the uncertainty and the choppiness in the prices and the sooner that it arrives, the better it is for everyone involved in the market.

Slow Day in FX

There has not been much action in the FX markets so far as the data that was scheduled to be released from the US and the Eurozone have come in largely as per expectations. It remains to be seen whether the dollar strength, which has been the theme of the markets over the last couple of days, is likely to continue or whether the euro is going to make a comeback. We have been harping on the strength of the dollar in the medium term for quite some time now and it should be on us sooner rather than later. A clear break of support from the euro is likely to lead us towards the 1.20 region in due course of time and it is likely that this would happen in due course of time.