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Stocks are rising, cryptocurrencies are reversing gains, and the dollar's strength could send Bitcoin lower.

04-Jun-2022 By: Simran Mishra
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Stocks are rising, cryptocurrencies are reversing gains, and the dollar's strength could send Bitcoin lower.

Major cryptocurrencies have reversed direction after surging this week, stocks have failed to maintain gains, and a strengthening dollar may continue to weigh on BTC pricing.

The stock markets had an excellent run between May 23 and 27, with the tech-heavy NASDAQ up over 6.7 per cent and the S&P 500 up over 6.59 per cent. However, price activity whipsawed during the week, and while the J trade session isn't done yet, weekly candlesticks predict a close near last week's open.

The crypto market may close reasonably flat for the week, but it is still down for the week, extending its losing skid to an all-time high of nine consecutive weekly losses. Cardano (ADA) and Stellar (XLM), for example, were in the green this week, but both had 50 per cent to 70 per cent of their gains wiped out.

Light crude futures are continuing to increase and could settle around 14-year highs, levels not seen since late July 2008. Oil has gained more than 20% since April 11 and is currently trading just below the $120 mark. On June 1, the weekly crude oil inventory data indicated a huge loss of -5 million barrels, compared to the projected -1.35 million. Even OPEC+'s recent deal to nearly increase production hasn't been enough to stop oil's surge.

Important economic data will be released next week, so keep an eye on it.

Data on the Canadian balance of trade and the Ivey PMI are released on June 7. Stocks of API Crude Oil in the United States have changed.

The European Union Central Bank will make an interest rate decision on June 9th. Initial jobless claims in the United States.

The unemployment rate in Canada as of June 10th. Michigan consumer sentiment, US core inflation (MoM), real inflation rate, core inflation (YoY), and US core inflation (MoM).

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