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FXStreet
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
Bitcoin's recent recovery may mark the early stages of a bottoming process as macroeconomic data continues to boost investor confidence, according to a Glassnode report on Wednesday. Bitcoin outperformed both US and European equities following the US CPI inflation report on Tuesday, recovering strongly after weeks of trading sideways near recent lows.
The South Korean Won reflects broader strength against the US Dollar as the Bank of Korea delivers its first interest rate hike in three-and-a-half years, raising rates by 25 basis points to 2.75%. The USD/KRW pair gives back slight early gains and ticks down to near 1,484.68 in the Asian trade on Thursday.
The June CPI fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.
