Forex Today: Biden haunts Bitcoin, dollar remains pressured, JOLTs, virus headlines eyed

Yohay Elam FXStreet

Here is what you need to know on Tuesday, June 8:

Markets are relatively calm and the dollar remains at the relatively low ground ahead of the US JOLTs release, which provides more insights into US jobs. Concerns about government reach have been weighing on cryptocurrencies. Concerns about the Delta covid variant and vaccination rollouts are eyed.

Bitcoin has tumbled below $33,000 after White House adviser Jake Sulivan said that President Joe Biden would raise cryptocurrencies' role in ransomware attacks at the G7 summit on the weekend.

Sulivan's comments came after the US law enforcement agents recovered millions worth of Bitcoin that was paid as ransom in the Colonial pipeline hack last month. Other digital assets such as Ethereum are also on the back foot. Being out of governments' reach is one of crupto's appeals.

Stock markets have consolidated around the highs, with the only BioGen standing out after its controversial Alzheimer's drug received FDA approval. Concerns about COVID-19 are easing in the US, continental Europe, and also India.

In the UK, the last stage of the reopening could be pushed back from June 21 due to rising coronavirus cases and the rapid spread of the Delta variant. GBP/USD is pressured around 1.4150. According to studies in India, this strain causes more health issues than other variants.

In Japan, there is a growing consensus that the Olympic Games will go through after all as the country ramps up its vaccination campaign. The Japanese economy shrank by 1% in the first quarter according to the final release, a minor upgrade from the initial publication.

The US dollar is changing hands near the post Nonfarm Payrolls lows against major currencies. EUR/USD is trading near 1.22 ahead of German ZEW Economic Sentiment statistics.

The main release in America is the JOLTs jobs report for April, which could shed more light on shortages and skill mismatches. Markets await Thursday's inflation figures.

Gold has been grinding its way higher, nearing the $1,900 mark amid the calm market mood.

Gold Price Forecast: Acceptance above $1900 is critical for XAU/USD, focus shifts to US CPI

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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