Trump posted to his own social media network on Sunday US time that he had directed his Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. Trump followed up with more, saying that “BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve”. Bitcoin and ETH rocketed higher (I’ve posted a chart of BTC/USD below to give you the picture). There’s a post above detailing how US$195 million in BTC and ETH was bought by one (insider?) trader just before the surge. Crypto has since dripped just a little lower but remains elevated on the day.
Earlier in the weekend we had PMIs from China for February, showing improvement over January. On Monday from China we had the follow-up Caixin Manufacturing PMI, which hit its highest in three months.
Despite ongoing tariff impositions and threats, Chinese equities rose today. They are probably going to remain supported all week with China’s once-a-year national parliament in session. Chinese authorities will not want to lose face if the stock markets fall while they are making policy in parliament.
Across FX we’ve mainly seen a little USD weakness. EUR moved higher against the USD on the session here. It was helped by a softer USD and by a meeting of UK and many European leaders in support of Ukraine on Sunday in London.
USD/JPY rose early, touching highs just over 151.00 but that's reversed with the pair sliding all the way down to below 150.30. USD/JPY is around 150.45 as I post now. I noted early in the session a Japanese media report that the Bank of Japan could face US pressure to hike rates. The Nikkei said, in breif:
As President Donald Trump's administration debates the details of planned reciprocal tariffs, Washington has signaled that it could treat currency manipulation as a nontariff barrier that could trigger a counter levy from the U.S. If Japan becomes the target of U.S. probes for possible reciprocal tariffs and the White House concludes the yen's weakness is linked to the Bank of Japan's monetary policy, the central bank could face pressure from Washington to move faster as it weighs additional interest rate hikes.Bitcoin up
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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