Major financial events that happened in April 2023:
· Bitcoin tops $30,000 for the first time since mid-2022; Ethereum climbs up to $2,100 given the increasing demand for cryptocurrencies after March’s banking crisis and the risk of deposits, the prospect of a global economic recession, and the softening U.S. dollar.
· Gold climbs as high as $2,050/oz and Silver rises to $26/oz on a falling U.S. dollar, retreating U.S. bond yields, surging geopolitical risks, recession worries, cooling inflation, and more safe-haven bets.
· Euro rises above the key $1.10 psychological level against the dollar following an ECB-Federal Reserve monetary policy divergence, a recovering Eurozone economic activity, and a weaker U.S. dollar.
· U.S. dollar falls across the board on expectations that the Federal Reserve will pause its rate hike cycle as soon as June, and growing fears of slowing economic growth in the United States.
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