Today's US macro data is positive for the crypto market. And risky asset markets in general. Overall better than forecasts.
There is no growth of#BTCat the moment, on the contrary, there is a local decline. While the price is above the volume level of $57,709, this is not a reason to worry and continued growth within the framework of today's forecast is a priority.
In the long run, today's macro data is good:
- US Producer Price Index (PPI) (YoY) (August) - 1.7% vs. 1.8% forecast and 2.2% previous.
- US Core Producer Price Index (PPI) (YoY) (August) - 2.4% vs. 2.5% forecast and 2.4% previous.
The only thing that is disconcerting is that the m/m indicators for production inflation are worse than forecasts, higher than forecasts. But this can be attributed to seasonal features or deviation from the general trend. The key thing is that the y/y indicators are better than forecasts. They confirm that the new consumer inflation data released in October (for September) should please the markets.
- The number of initial applications for unemployment benefits is 230 thousand with a forecast of 227 thousand and the previous figure of 227 thousand. The situation here is contradictory - a weak labor market is frightening risk markets. But the number of applications is not much higher than the forecast.
The European Central Bank's interest rate decision, which came out 15 minutes earlier, was also not bad - 3.65% with a forecast of 3.65% and the previous figure of 4.25%. A noticeable decrease of 0.6 percentage points at once.