US dollar anchors near three-week high, Bitcoin hovers above $120,000

DNVN - In the trading session on July 15, the greenback held its position near a three-week peak against a basket of major currencies, as investors focused on US inflation data expected to be released later in the day to look for signals on the Federal Reserve's policy direction.

Illustration photo. Photo: Internet

Entering the Asian trading session, the USD/JPY exchange rate remained almost unchanged, remaining around 147.75 yen per USD – close to the peak set on June 23 of 147.78 yen per USD in the previous session.

The DXY index – a measure of the US dollar's strength against six major currencies – stood at 98.104, slightly below its overnight peak of 98.136 and its highest since June 25.

The common European currency continued to maintain stability at $1.1662, after falling to a bottom of $1.1650 earlier in the week – its lowest level since June 25.

Rising US government bond yields have helped strengthen the USD, as investors assess the possibility of Chairman Jerome Powell leaving the Fed leadership position as President Donald Trump continues to make many public criticisms.

Chairman Jerome Powell expects consumer prices to rise over the summer due to the impact of tariffs, giving the Fed room to maintain its current interest rate policy. Economists polled by Reuters expect headline inflation to rise to 2.7% year-on-year in May, up from 2.4% last month, while core inflation will rise to 3.0% from 2.8%.

“If inflation does not rise, or remains stable, calls for monetary easing will increase,” James Kniveton, senior corporate FX trader at Convera, said in a note to clients. “The White House will push for a change in Fed leadership,” he added.

President Trump continued to publicly criticize Mr. Powell on July 14, asserting that interest rates should be lowered to 1% or lower, instead of maintaining the current range of 4.25% to 4.50%.

Market data shows investors are betting on the possibility of the Fed cutting interest rates twice, totaling 0.50 percentage points in 2025, with the first round possibly coming as early as September.

In another development, Bitcoin is trading at $120,067, after setting a new record of $123,153.22 in the previous session. The bullish momentum comes mainly from market expectations that the legal framework for cryptocurrencies will have a breakthrough this week.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/dong-usd-neo-gan-muc-cao-nhat-trong-ba-tuan-bitcoin-dao-dong-tren-120-000-usd/20250715095221127