Market participants are facing unusual developments on forex. The same picture is unfolding with the US dollar for the second trading week in a row. The greenback is unable to recover losses. The US dollar index is still trading near a 3-year low of 90.50. US trading floors are closed on the occasion of Martin Luther King Day. Experts say that a thin market accounts for the weakness of the US dollar. As a result, rival currencies are taking advantage of the US dollar’s weakness. So, the USD/JPY pair failed to climb over 111.00 and is still trading below this level. The yen is winning favor with investors as they are encouraged by remarks from the Bank of Japan governor on robust recovery of the domestic economy.
However, not all rivals of the US dollar are showing a steady advance. Today, bitcoin went into a nosedive, trading at around $12,000. The aversion of global central banks to the cryptocurrencies market has borne fruit. Analysts are warning investors that losing all their savings is a highly probable scenario with bitcoin investment. Nevertheless, it is too early to say that the bubble has burst. Experts share the viewpoint that market participants are going to resume buying bitcoin and other digital coins. Speculations are likely to reach their peak again. Thus, the time is ripe for traders to reconsider their portfolios and make the right choice of what trading instrument to buy.
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