Economic data from the USA is closely followed by Bitcoin and crypto money investors.
After the inflation data you announced yesterday, the Producer Price Index and unemployment benefits data were announced today.
According to the declared data;
Producer Price Index (PPI) (Annual) (April) Expected: 2.4% Previous: 2.7% Announced: 2.3%
Producer Price Index (PPI) (MoM) (April) Expected: 0.3% Announced: 0.2%
Core Producer Price Index (PPI) (YoY) (April) Expected: 3.3% Previous 3.4% Announced: 3.2%
Core Producer Price Index (PPI) (MoM) (April) Expected: 0.2% Announced: 0.2%
In addition to the PPI data, applications for benefiting from US unemployment benefits were also announced. Accordingly, the number of applications to benefit from unemployment rights was announced as 264 thousand. The expectation was 245.
First Reaction of Bitcoin and DXY!
The first reaction of Bitcoin and Dollar after the incoming data was as follows. Bitcoin moved up while DXY moved down.
Inflation data released yesterday came below expectations, allowing BTC to rise above $28,000.
In order for the increase in consumer prices to stop, the costs of the producers must not increase and therefore producer inflation must maintain its downward trend. Because producer inflation data is among the important data that the FED takes into account while shaping its monetary policy.
*Not investment advice.