WASHINGTON: The dollar ticked higher on Monday, regaining some ground after falling for three straight weeks on bets that the US Federal Reserve will soon be cutting interest rates, while bitcoin breached $42,000 for the first time since early 2022.
The dollar index, which tracks the currency against six major peers, rose by 0.59% to 103.71, while the euro was last down 0.61% to $1.0815.
“A lot of people are … realizing that the strength of the euro, primarily because of the US weakness to this point, is now potentially an inflection point,” said Eugene Epstein, Moneycorp’s head of structured products, North America.
“The tone of the conversation seems to have shifted a little bit in that direction.” In cryptocurrencies, bitcoin ripped to its highest since April 2022 at more than $42,100, buoyed by expectations that US regulators will soon approve an exchange-traded bitcoin fund. It was last at $41,424.
“An approval is expected to bring short-term capital…