The U.S. ISM services index surged to 54.1, reaching a near two-year high and also above expectations of 53.5. At the same time, the indicator of prices paid for raw materials and services surged to 64.4 from 58.2; while the employment index was 51.4, lower than the previous value.
On the surface, the rise in the ISM Services Index points to a solid expansion in U.S. service sector activity. However, a surge in the price paid index and a slowdown in employment showed that the services sector still faces cost pressures and underlying uncertainty. These data may make the Fed more cautious on monetary policy, especially considering that inflationary pressures may heat up again.
After the data was released, traders' expectations for an interest rate cut before July were significantly reduced, and the three major U.S. stock indexes all opened higher and fell as a result.
Bitcoin has also plummeted from over $100,000 to $97,000 levels, down more than 4% in the past 24 hours. The situation for altcoins is even more dire.
According to data from CoinGlass, in the past 24 hours, a total of 131,466 people on the entire network were liquidated, with a total liquidation amount of US$386 million, mainly multiple orders.
(This article is reproduced from GT Radar with permission)
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