USD made a steady start to the week today but stayed below Friday peaks. Last Friday, data showed stronger U.S. job growth than expected in October. USD jumped on Friday to hit its highest level in more than a year. Nonfarm payrolls increased by 531k jobs last month, above the 450k forecast. The next key release will be the inflation data this Wednesday, which will test the Fed’s patience on interest rates. Earlier last week, the Reserve Bank of Australia also stuck to its dovish stance despite inflationary pressure and held rates.
Bitcoin rose to its 2.5-week high on Monday and hit a fresh record. In recent weeks Australia’s biggest bank has said it will offer crypto trading to retail customers. Last week New York Mayor-elect Eric Adams said he would take his first three paychecks in bitcoin and signaled his intention to make his city the “center of the cryptocurrency industry”.