Jesse Powell: Bitcoin would Easily Reach $1 million in 10 years
The USD, on Friday, got a boost from the positive NFP report indicating that the U.S. economy created more jobs in February. The Non-Farm Payroll (NFP) report on Mar 5 showed that the U.S. economy created 379k new jobs than anticipated while the unemployment rate fell to 6.2 percent. Consequently, the EUR/USD pair fell to fresh 2021 lows as equities and Treasury Bond Yields shot higher.
Investors are upbeat following last week's positive news from the United States. Despite the ADP report's contractions—an indicator of the state of private-sector employment, the surprise to the upside directly fans demand for U.S. equities. Combined with rising bond rates and more optimism from investors following the passing of the American Rescue Plan Act—albeit with minor changes to the House’s bill, the USD may continue to inch higher this week.
Impact on the USD:
Bullish. The eventual passage of the $1.9 trillion stimulus package will accelerate the U.S.'s economic recovery, pumping the greenback as a result. Accordingly, the EUR and other major currencies may fall, retracing from 2020 peaks.
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