Around 4 p.m., the greenback climbs 0.44% compared to the euro, to 1.1653 dollars, and is stable (-0.02%) against the Japanese currency, at 147.35 yen for a dollar.
The dollar benefits Thursday from a higher production prices than expected in the United States, while Bitcoin has crossed a record, pushed by institutional purchases and favorable American legislation.
Supported by a marked increase in the services, the production price index (PPI) increased in July by 3.3% over a year, where the consensus of Marketwatch analysts tapped on an increase of 2.3%, an slowdown compared to June.
“Pressure on prices for businesses increases with the cumulative effect of customs duties,” summarizes Ben Ayers, analyst at Nationwide.
For Chris Zaccarelli, from Northlight Asset Management, these data “may partly dispel” market insurance “from a drop in American rates ‘guaranteed'” in September, acquired after inflation on the consumer side which appeared stable over a year in July.
Consequently, around 2:00 p.m. GMT (4:00 p.m. in Paris), the greenback climbed 0.44% compared to the euro, to 1.1653 dollars, and was stable (-0.02%) against the Japanese currency, at 147.35 yen for a dollar.
At the start of the session, the Yen nevertheless flew away in the wake of the statements of the American secretary to the Treasury Scott Bessent on Wednesday on Bloomberg TV claiming that the Bank of Japan (BOJ) was “late” in its fight against inflation, specifying that it had mentioned the question with the governor of the monetary institution, Kazuo Ueda.
These words “gave the impression that the Trump administration was trying to increase pressure on the Boj so that it tightens its monetary policy more, which would promote a stronger yen”, summarizes Lee Hardman, of MUFG.
In addition, Bitcoin reached a summit on Thursday at 124,514.59 dollars, slightly exceeding its last record reached in mid-July, before reflecting at 118,444.88 dollars around 2:00 p.m. GMT.
Its flight “is strongly supported by the growth of institutional investments”, such as the Bitcoin ETF-placement products which follow the performance of this cryptoactive-, explains to AFP Rachael Lucas, of BTC Markets. Companies use it in particular to feed their cash or diversify their investments.
Bitcoin “also gains ground thanks to a wave of pro-Cryptomonnai laws” in the United States, “as well as projects managed by the Trump family” which feeds a climate favorable to the sector, according to the analyst.
Investors turn away from the dollar and American assets deemed less profitable in favor of risky assets, such as cryptocurrencies.
The Ether, the second cryptocurrency in terms of capitalization, exceeded Thursday 4,790 dollars, a higher since November 2021.
