XE Market Analysis: North America – Feb 09, 2021

The dollar has come under broad pressure, which has pushed the DXY index to eight-day lows near 90.50. Tesla’s parking of $1.5 bln in Bitcoin, which consequently surged over 20% to record highs near $50,000, sparked broader declines in the U.S. currency. Also at play have been a drop from highs in U.S. Treasury yields over the last day, along with a rekindling in the global reflation trade amid tumbling positive Covid tests worldwide and vaccination optimism (concerns about new viral variants being offset by hopes for an effective response by tweaking existing vaccines).