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19.02.2021: US stocks rising while USD slipping deeper (DJIA, USDX, USD/CAD, BTC/USD)

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The US stock markets are rising following a decline yesterday. The US dollar is slipping further after disappointing data on unemployment claims. Bitcoin hit an all-time high of $52,640 per token overnight.
The US stock indices are on track to new highs as Janet Yellen signals more stimulus measures. Yesterday, the benchmark stock indices fell moderately following a weekly update on US unemployment claims which discouraged investors.
The Dow Jones climbed 0.28%. The Nasdaq grew 0.38%. The S&P 500 rose 0.29%.
Yesterday investors found out that the number of first-time jobless claims in the US increased 13,000 last week, more than expected. This dynamic proves that the US economy is still feeble with the economic recovery unfolding at a slow pace.
At the same time, the US equity markets still keep the bullish momentum despite some dips over a few recent weeks.
Later today, the National Association of Realtors in the US is due to report on existing home sales for January. Analysts reckon this indicator dropped 1.5% on month.
Market participants will be also alert to a preliminary US composite PMI for February from Markit Economics, the manufacturing PMI from the Institute of Supply Management, and a final services PMI.
The US dollar snapped a two-day winning streak after disappointing data on the US labor market. The US dollar index shed 0.32% against a basket of six major currencies to trade at 90.27.
The greenback’s growth was backed by strong yields of US Treasuries triggered by upbeat retail sales. The dollar’s rally seemed steady before an unexpected surge in initial claims for unemployment insurance.
The US dollar also gave in to its Canadian counterpart. Having sunk 0.51%, the USD/CAD pair is now trading at near 1.2614.
The largest cryptocurrency in market capitalization has set a new record, having topped the level of 52,000 dollars per token. At the moment of preparing this material, bitcoin was trading at 52,673 dollars.
The number one cryptocurrency is on the way to the total market capitalization of 1 trillion dollars. Judging by the elevated mood of crypto investors, they are betting on a further rally of bitcoin. It is expected to close this week with a weekly gain of over 8%. The most popular cryptocurrency has surged almost 60% this month.

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