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Illicit activity the top cryptocurrency concern — US

Mnuchin Breaks Tradition and Endorses Dollar's Decline Mnuchin Breaks Tradition and Endorses Dollar's Decline
Frascuelo Febo | Enero 26, 2018, 19:04

The dollar was down about 1 percent against the yen.

DAVOS, Switzerland-Washington's main concern about the rise of cryptocurrencies is to make sure they are not used for illicit activity, U.S. Treasury Secretary Steven Mnuchin said on Thursday as he urged nations to join the United States in regulating them. "We think, in fact, it is essential to having markets operate properly, to have people play by the rules", he said. NAR said existing home sales tumbled by 3.6 percent to an annual rate of 5.57 million in December after jumping by 5.1 percent to a revised 5.78 million in November.

The British pound climbed 0.7 percent to $1.4245, the strongest in 19 months.

Just take a look at the prices of metals such as copper and zinc - all are going through the roof.

"Longer term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency", he said.

And while global equity markets have repeatedly hit all-time highs in recent weeks, gold is also on the march, rising to as much as $1,366.15 an ounce on Thursday, its best mark since August 2016, before paring gains.

Eurozone private sector activity expanded at the fastest pace in nearly 12 years in January driven by an acceleration in the service sector, flash data from IHS Markit showed Wednesday.

In deciding what to focus on - in a stock, say - a typical day trader looks for three things: liquidity, volatility and trading volume.

In 2014 commodity prices (blue line) collapsed while the US Dollar (black line) rose. This was the highest since June 2006. Starting with the UK we'll get to see an initial snapshot of how strongly the UK economy finished off 2017.

Once the US Dollar Index breaks below 90 - which could happen any day now - then dollar bulls will retreat. The expected score was 59.2.

Bitcoin soared more than 1,700 percent last year to a record high, raising fears that the volatile emerging asset poses a risk to investors and the global financial system. But for now, the greenback's ongoing weakness is helping to support buck-denominated gold. This was the joint lowest figure since 1975.

The U.K.'s FTSE 100 Index gained 0.5 percent. The number of employed increased by 102,000 from August to a record 32.21 million.

Already weak since Tuesday and the signing by US President Trump of fresh protectionist measures against China and south Korea, the dollar lost even more ground after Mnuchin spoke.