ING: Bullish cryptocurrency markets are negatively impacting the US dollar
The Bitcoin bulls have run wild, and analysts from ING say such strong cryptocurrency markets could turn the USD relatively bearish in the short term.The cryptocurrency markets are on fire and major financial institution ING has taken notice, going as far as predicting the latest bull run could negatively impact the value of the US dollar.
“Strong commodity (and cryptocurrency) prices, plus sharply falling US dollar hedging costs should keep the dollar on the soft side this week,” warned ING‘s global head of strategy Chris Turner in his latest foreign exchange analysis.
Turner’s right: the price of the DXY index – which measures the performance of the US dollar against a basket of international currencies – has struggled to find momentum moving into the new week of trade.
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