Investors are getting more bullish on USD: non-farm payrolls in focus; Bitcoin once again near $50,000

USD slipped against its major counterparts, with the DXY Index falling below the 94-level. However, data show that FX speculators are becoming increasingly bullish on the USD in recent weeks. The net long bets on USD have climbed to their highest point since March 2020. This week we will have the latest non-farm payrolls. Investors are expecting that 488k jobs have been added in September. If the final figure meets the expectation, the Fed will likely keep its schedule to reduce bond purchases in November.

Bitcoin has once again climbed back and is currently trading near the $50,000-level. The 7-day average hash rate has also jumped to its highest level since June. Some explanations behind this price movement include the expectation that a Bitcoin exchange-traded fund will be approved by the SEC soon. Moreover, Powell affirmed recently that the Fed has no intention to ban cryptocurrencies.