SimpleFX Weekly Financial Update: October 10

The dollar is pushing hard, but some experts suggest adjusting the U.S. currency. BNB hacking freezes the crypto market for a day. Big Sam is considering suspending the supply of chips to China. The Bank of England boasts of increased liquidity, and the cryptocurrency Ripple (XRP) posted a 65% increase in just one week. Check the SimpleFX Weekly Financial Update!

Weekly Financial Update: The Dollar Is Growing, But Is It On Real Funds?

DXY continues to soar higher than expected all across the globe after a satisfactory September U.S. jobs report. Some experts suggest the strong U.S. dollar of today has no real fundamentals to stand on and could potentially wreak havoc in the global economy if not corrected.

What’s more, the U.S. is looking to limit China’s military advances by restricting computer chip technology sales to China, further exacerbating tensions between the world’s leading superpowers.

Good news from England. Cryptocurrencies slightly up

In Europe, the Bank of England announced a massive market liquidity increase. The BoE stated today it was going to double its temporary gilt market purchase program from GBP5 billion to GBP10 billion for the rest of the week.

In the crypto market, both Bitcoin (BTC) and Ethereum (ETH) have made slight gains, while the impressive growth of Ripple (XRP) went slightly under the radar. XRP has spiked by over 15% in just seven days and 60% in the last 90 days, becoming one of the biggest gainers in the market.

Tether swiftly blocks a newly created wallet address where the $590 worth of BNB tokens were to be transferred after a controversial hacking of the world’s leading crypto trading platform, Binance.

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Read also: The Ethereum Blockchain Successfully Upgraded to Proof-of-Stake.