Global Investors Seek Alternatives Amid U.S. Fiscal Woes
As U.S. fiscal issues push the dollar to a two-week low against the yen, Bitcoin hits a record high, reflecting investor shifts away from U.S. assets. The situation is compounded by a tepid Treasury bond auction and concerns over tax cuts adding to national debt.
The U.S. dollar experienced a setback, falling to a two-week low against the yen following weak demand at an auction of 20-year Treasury bonds. Concurrently, Congress is progressing towards approving President Trump's fiscal policy, sparking debate over its long-term implications.
Meanwhile, Bitcoin has soared to an all-time high as investors search for alternatives amid the waning appeal of U.S. assets. Gold has also seen gains, nearly reaching its peak from April, benefiting from a shift in safe-haven demand previously dominated by the dollar.
The potential Senate approval of Trump's financial measures could exacerbate the U.S. debt situation, projected to increase by $3.8 trillion in the coming decade. The global market is scrutinizing the U.S.'s fiscal management as alternative investments like Bitcoin gain traction.
(With inputs from agencies.)
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