Forex News Today! US CPI, Bitcoin ETF Approval, Gold Update!

MUSK, DOGECOIN AND BITCOIN ETF
Cathie Wood, CEO of Ark Invest, led a Spaces conversation about the most recent advancements in Bitcoin. Elon Musk entered the discussion and offered his opinions on bitcoin. Although the owner of X thinks Bitcoin is equivalent to gold, he is not against its use on the site.


Woods expressed excitement in Bitcoin, as did the teams at Ark Invest and 21Shares. Musk would not rule out the possibility of utilising Bitcoin on the system. When it came to the biggest cryptocurrency by market capitalization, the owner of X remained optimistic. 


Musk disclosed that he owns Dogecoin and that Bitcoin is held by SpaceX, his American spacecraft manufacturer company. 


After years of waiting, the US Securities and Exchange Commission (SEC) approved the Bitcoin spot Exchange-Traded Fund (ETF) on Wednesday, making January 10th a momentous day for Bitcoin holders. The 11 issuers are engaged in a fee war as a result of the approval, and experts predict which one will prevail in the long run by charging almost no costs to investors.


TRADING GOLD?

Thursday’s increase in the price of gold (XAU/USD) comes despite the fact that safe-haven assets are seeing a severe sell-off ahead of the US Consumer Price Index (CPI) data, which is scheduled to be released at 13:30 GMT. Because investors are still hopeful that the Federal Reserve (Fed) will lower interest rates in March to avoid the risks of overtightening, bullions are in high demand.


While a slight uptick in headline inflation is anticipated, a further softening of the core CPI is anticipated as a result of a drop in used car prices. One important leading indicator of pricing pressures, the Manufacturing sector’s ISM Price Paid Index, declined sharply in December. Investors appear to be blind to the fact that Fed policymakers are still inclined to maintain a tight posture for an extended period of time, ruling out the possibility of early rate decreases.


GBP/USD FUNDAMENTALS

The US Consumer Price Index (CPI) data is scheduled for release at 13:30 GMT, but the market’s mood has been affected by volatility, causing the Pound Sterling (GBP) to give up its intraday gains. The wider appeal of the GBP/USD pair remains positive despite the lack of any remarks from Bank of England (BoE) policymakers suggesting interest rate reductions. A positive market sentiment is being maintained by the GBP/USD pair printing a new weekly high during the Asian session. This is due to investors’ growing confidence in the Federal Reserve’s (Fed) decision to decrease rates starting in March.

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