The dollar is rising… and Bitcoin is heading for the biggest decline

The dollar is headed for a second week of broad gains, after a rate hike in Japan failed to halt its upward march and a surprise rate cut in Switzerland highlighted the gap between the Federal Reserve’s trends.

In the latest trading, the Chinese currency reached 7.2254 per dollar, and this trend extended across the exchange markets, causing the dollar to rise against its counterparts in Asian trading.

The euro fell to its lowest level in three weeks at $1.0834, down 0.5 percent during the week.

The Australian and New Zealand dollars fell by more than 0.5 percent each, and are on track to record weekly losses.

The pound sterling fell last night after the Bank of England kept interest rates unchanged. Over the course of the week, sterling fell 0.7 percent and touched a three-week low at $1.2635 in the Asian session.

The dollar index rose for the second week in a row, jumping 0.8 percent to 104.21.

As for cryptocurrencies, Bitcoin is heading for its largest weekly decline since January. In the latest trading, it reached $65,900. (Sky News Arabia)