While the markets have been crushed under the pressure of the dollar index for a long time, yesterday’s pullbacks caused an upside relief in risk assets and Bitcoin.
While the Dollar index has regressed from 114.700 to 112.500 from yesterday to today, US stock markets and Bitcoin, which are inversely correlated with DXY, experienced a 2% increase.
The continuation of the FED’s monetary tightening has kept the expectations that DXY will continue to rise, while short-term traders have an eye on this chart.
We see that the sharp movements in DXY directly affect Bitcoin and altcoins. For this reason, we closely follow the data that may cause movement in DXY.
US Gross Domestic Product (quarter)
According to the economic calendar, US Gross Domestic Product (quarter) (2nd quarter) data will be released today at 15.30 CEST. Expectation -0.6%
What is GDP? What is the Effect on the Dollar?
Gross Domestic Product is an important indicator of the health of the economy. A higher-than-expected value is considered positive for USD, and a lower-than-expected value is considered negative for USD.
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