USD is trading close to its 14-month high against EUR this morning. The uptrend was primarily fueled by worries over the rising energy prices. Crude oil has rallied to the 7-year high overnight. Natural gas and coal prices have also refreshed their records in Europe. Investors are cautious about any jumps in inflation which usually reflects in the energy prices. Moreover, the debt ceiling is also arousing concerns in the market. The U.S. is moving closer to its first-ever default unless the debt ceiling is lifted or suspended. Biden plans to speak next Monday to urge Congress to address the issue.
Bitcoin rises by nearly 7% and trades above $55,000 at press time. The uptick in the price follows the news that the investment firm founded by billionaire George Soros owns bitcoin.