The forex market experienced notable movements as geopolitical and economic developments influenced major currencies. The euro rebounded from a two-and-a-half-week low, driven by renewed European efforts toward a Ukraine peace deal. Meanwhile, bitcoin surged after a key announcement from the U.S. president.
The euro rebounded from 0.4% to $1.0415 in early Asian trading, recovering from a low of $1.0360. This increase followed a diplomatic push led by European leaders to broker peace in Ukraine. UK Prime Minister Keir Starmer confirmed that European nations are preparing a proposal for Washington.
Similarly, sterling gained 0.2% to reach $1.2602. Analysts believe that "European momentum towards a Ukraine deal" is boosting the euro's strength.
The Canadian dollar and Mexican peso also saw gains, each rising 0.2%. This followed remarks by U.S. Commerce Secretary Howard Lutnick, who indicated that tariffs set to take effect might not be the full 25% initially expected. These statements provided relief to the market, supporting both currencies.
Bitcoin made an impressive recovery, surging close to 11% to trade at $92,905. Earlier in the session, it reached $94,852.56, marking its highest level since February 24.
The price boost followed a social media post by U.S. President Donald Trump, where he announced the inclusion of bitcoin, ether, XRP, solana, and cardano in a new strategic cryptocurrency reserve. This move reassured investors and led to a sharp rebound from Bitcoin’s recent low of $78,273.03.
Despite the market fluctuations, analysts at Commonwealth Bank of Australia expect the U.S. dollar to continue its rally. They noted that the trade war with China is intensifying, and additional tariffs could further strengthen the greenback.
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Euro rebounds as European leaders push for Ukraine peace. Bitcoin surges after Trump's crypto reserve announcement.
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