Dollar Strengthens on Strong NFP
The dollar went from strength to strength as the NFP data came in stronger than expected. This has all but confirmed the rate hike in December and also improves the prospect of further rate hikes from the Fed in the coming months. This has helped the dollar to gain in strength across the board and led the other instruments to move lower against the dollar. It appears as though this dollar strength is likely to continue in the short term and as we head towards the end of the year, the lack of volatility and the liquidity should continue to favor the dollar. We are likely to see another bout of strength in the dollar once the Fed hikes rates later in the month.
BTC Continues to be Volatile
Bitcoin prices continue to be highly volatile as the market awaits the release of the bitcoin futures in the CME from next week. We can expect some good 2 way action in the market once the futures are released and it should be an interesting week ahead for the bitcoin market. Traders should be careful not to get complacent and ensure that they trade within their limits so that they can keep their funds safe and not lose too much due to the volatility.
This article was originally posted on FX Empire
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