Bitcoin, and crypto prices more generally, have been treading water this week, but that could change from today as producer price index (PPI) inflation data and FOMC minutes are released.
First up to disturb the market from its slumber is the US PPI data, a measure of inflation at the factory gate.
Any sign of cooling will be treated as confirmation of the need for the Fed to ease off on interest rate rises. Such an outcome would light a fire under stocks and crypto prices.
Conversely, if producer price inflation continues to heat up, then expect risk assets to resume their sell-off.
PPI inflation comes in lower than August reading
Well the data is in and Core PPI month-on-month rose at double the level expected, by 0.4% as opposed to the 0.2% forecast.
Meanwhile, year-on-year headline PPI was 8.5%, hotter than the 8.4% forecast, although that is down from 8.7% in the previous month (August) – and that last point seems, initially, to be the key takeaway for the market.
As such,...
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