A pool of data on the US economy has been released, which is generally excellent for the crypto market. And risky asset markets in general. The crypto market is showing local growth. They warned that you should be prepared for increased volatility at this time.
We are talking about manufacturing inflation and initial claims for unemployment benefits:
- Producer price index (PPI) (y/y) (May) - 2.2% with a forecast of 2.5% and the previous figure of 2.3%.
- Core producer price index (PPI) (y/y) (May) - 2.3% with a forecast of 2.4% and the previous figure of 2.4%.
- The number of initial applications for unemployment benefits is 242 thousand, with a forecast of 225 thousand and the previous figure of 229 thousand.
Thus, the data show a further cooling of the labor market and a decrease in manufacturing inflation. Both are good data for the US Federal Reserve. And manufacturing inflation is also a “spoiler” for consumer inflation, which will be published in July. It should show further “cooling”.
The#BTCrate showed growth on the news, although not as much as yesterday in consumer inflation data. Just +1%. And after breaking through the important volume level of $68,232, there is no consolidation above yet.
In the market as a whole - short positions are being liquidated, but they cannot be called large-scale either; in the screenshot - the largest ones are on #Binance.
It doesn't look like today's data will be a trigger for a here-and-now reversal. But at a distance this is good data.
