The dollar is limited while “Bitcoin” is above $44,600

On Thursday, the US dollar is trading within a narrow range, as traders assess the less dovish remarks from policymakers at the Federal Reserve during the night and await new economic data from the United States.

The focus is also directed towards inflation data released in China, the world’s second largest economy.

During the past few hours, several officials at the Federal Reserve have discussed a range of reasons why policymakers do not feel an urgent need to initiate monetary easing in the United States soon or take swift action if they decide to move in that direction.

The President of the Federal Reserve Bank in Boston, Susan Collins, said:

“Currently, the policy is still in a good position, and we are carefully evaluating the data and expectations.” She added that she believes it would be appropriate to begin easing policy restrictions later this year.

The dollar decreased during the night after it had increased on Monday and Tuesday for the first time since late November above the average it had been moving in for the past hundred days, driven by the rise in US job data on Friday.

The dollar index, which measures the value of the American currency against six major currencies, has been hovering around 104.00 in recent times.

The euro increased by 0.06 percent to 1.0777 against the dollar, remaining above its lowest level since November 14th at 1.0722, which it reached on Tuesday.

The British pound remained relatively stable at 1.26305 dollars, with no significant changes. Likewise, the yen stayed unchanged against the dollar at 148.18. As for the Chinese yuan, it remained near 7.206 against the dollar. In regards to cryptocurrencies, Bitcoin increased by 0.94 percent, reaching 44,602.23 dollars. (Reuters)