Loonie stabilizes after GDP data
The Canadian dollar stabilized against most major rivals on Monday following a batch of positive data.
Canada’s GDP grew 0.3% m/m in October, while analysts expected a growth rate of 0.2%.
The CAD/USD pair was little changed as of 18:38 GMT at 0.6959.
Aussie
The Australian dollar was also little changed against its US counterpart at 0.6249 as of 18:39 GMT.
US Dollar
The dollar index rose 0.4% as of 18:28 GMT to 108.06, with a session-high at 108.2, and a low at 107.6.
The US consumer confidence index fell to 104.7 in December from 111.7 in the previous reading, while analysts expected an uptick to 112.9.
The Federal Reserve decided to cut interest rates by 25 basis points last week after two consecutive rate cuts in previous meetings.
The Fed hinted at a slowed down pace of interest rate cuts in 2025 after revealing in its future outlook a total of only 50 basis points of interest rate cuts next year as inflation continues to persist.
Wall Street declines as the week opens up
US stock indices fell on Monday, the first session in a truncated week of trading due to Christmas, as investors prepare for holidays.
The Federal Reserve decided to cut interest rates by 25 basis points last week after two consecutive rate cuts in previous meetings.
The Fed hinted at a slowed down pace of interest rate cuts in 2025 after revealing in its outlook a total of only 50 basis points of interest rates next year as inflation persists.
On trading, Dow Jones fell 0.5%, or 244 points as of 15:17 GMT to 42595 points, as S&P 500 fell 0.2%, or 14 points to 5917 points, as NASDAQ slipped 0.1%, or 15 points to 19555 points.
Bitcoin climbs 1.5% as traders seek fair price
Bitcoin climbed 1.5% on Monday on track for the first profit in three days amid active short-covering operation from low correctional levels.
The world’s most valuable cryptocurrency is starting once again its search for its fair pricing through active trading.
The Price
Bitcoin rose 1.5% at Bitstamp today to $96,420, with a session-low at $93,639.
On Sunday, bitcoin lost 2.2%, the second loss in a row on risk aversion.
Bitcoin tumbled 9% last week, the first weekly loss in three weeks, and the first since August on profit-taking away from a record high at $108,364.
Crypto Market Value
The market value of cryptocurrencies rose by $50 billion today to $3.470 trillion as most major units advanced.
Fair Pricing
As bitcoin pulls back from its recent record highs, it’s now positioning back and forth in search of its fair market price.
Nonetheless, several crypto analysts still expect many more gains to come to bitcoin as the US Trump administration approaches with a wide swathe of supportive policies.