US PPI Comes In Hotter Than Expected, But Crypto Market Remains Steady
The U.S. producer price index (PPI) accelerated at a rate of 0.7% in August, as compared to the consensus expectation of 0.4%, the U.S. Bureau of Labor Statistics reported today. The latest surge marks the highest increase in final demand prices since a jump of 0.9% in June last year. Meanwhile, on a YoY basis, the U.S. PPI rose 1.6% last month on an unadjusted basis.
The prices for final demand, which excludes food, energy, and trade prices, jumped 3% YoY in August, marking its highest advance since a surge of 3.4% YoY in April.
However, the core PPI ticked up 0.2%, in line with the market expectation. The investors were eagerly waiting for the PPI data, for more insights on the economic condition of the nation.
This ongoing week was crucial for the traders, with a flurry of key economic data releases scheduled, that might set the stage for the U.S. Federal Reserve’s future moves. The U.S. consumer price index (CPI) data of September 13, which showed an increase of 3.7%, has once again raised concern that inflation is still not under the Fed’s 2% target.
Meanwhile, another data from the U.S. Labor Department showed that the initial jobless claims increased by 3,000 to 220,000 from last week’s revised level. The employment data also plays an important role that might trigger market sentiments in any direction.
Crypto Market’s Momentum After The Key Data Release
The cryptocurrency market somewhat stayed in the green for the day, with most of the major cryptos like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP (XRP), among others staying in the green. Soon after the release of the PPI data, the global crypto market cap surged 0.87% in the last 24 hours to $1.05 trillion, while its volume for the past 24 hours plummeted 8.80% to $27.07 billion.
Meanwhile, after the data release, the Bitcoin price rose 0.73% to $26,413.86, and its market cap stayed at $514,803,283,349, up 0.94%. On the other hand, the Ethereum price noted gains of 1.53% and traded at $1,621.67. Its last 24-hour volume tumbled 4.79% to $5,151,261,100.
Solana price also stayed in the positive territory at $18.82, up 3.88%, while the XRP price ticked up 0.53% to $0.4831 during writing. The crypto market Fear and Greed Index stayed at 36, suggesting that the market is still undergoing a fear condition.
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