US Personal Consumption Expenditure Index data is out - and it's below forecasts!
Big positive for the markets:
- Core PCE price index (YoY) (November) - 2.8% vs. 2.9% forecast and 2.8% previous.
- Personal consumption expenditure price index (y/y) (November) - 2.4% vs. forecast of 2.5% and previous figure of 2.3%.
- Personal consumption expenditures (m/m) (November) - 0.4% against a forecast of 0.5% and a previous figure of 0.3%.
In fact, compared to the previous period, inflation has risen, but less than expected.
If a news trigger was needed for the technical picture with dominance - this is it. In an hour and a half, there will be more data from the University of Michigan with inflation forecasts for December. If they are also better than expected, that will be +1 news trigger, reinforcing the technical picture.
The BTC price managed to set a low at $92,232, almost testing the 50-day EMA. Liquidations of short positions are happening.
There is a lack of confidence in the reversal, as we do not have at least these signals yet:
- a steady uptrend on the hourly for BTC and TOTAL3.
- a steady downtrend on the hourly BTC dominance.
