As a seasoned researcher with over two decades of experience in global financial markets, I find myself closely monitoring the upcoming macroeconomic reports – the U.S. Producer Price Index (PPI) and Retail Sales data – for their potential impact on Bitcoin and the overall crypto market.
After the anticipated U.S. Consumer Price Index report, Bitcoin saw a significant surge. This week, two additional significant events may further boost the optimistic outlook.
On Wednesday, shortly following the release of the U.S. Consumer Price Index (CPI) report, Bitcoin (BTC) surpassed its previous record high, reaching approximately $93,400. As anticipated, the annual inflation rate in the world’s leading economy grew by 0.2% in October and settled at 2.6%.
🚨 BREAKING 🚨
US CPI DATA CAME IN AT 2.6%
EXPECTATIONS: 2.6%
— Ash Crypto (@Ashcryptoreal) November 13, 2024
The global crypto market cap also surged close to the $3.2 trillion mark before declining to $3.11 trillion again, data from CoinGecko shows. However, the total trading volume decreased by 5%, hovering at $400 billion.
Here are two more macro reports to keep an eye on this week:
US Producer Price Index
Today, Investing.com predicts the publication of the U.S. Producer Price Index report. Given the rise in Consumer Price Index (CPI), it is anticipated that the Producer Price Index (PPI) will have also increased. Specifically, from 1.8% in September to an estimated 2.3% in October, as per data provided by Investing.com.
Why is the PPI important?
Essentially, the Producer Price Index (PPI) reflects alterations in the prices that local manufacturers charge for their goods. This is because it’s closely tied to a nation’s inflation rate. In simpler terms, when production costs go up, consumers end up paying more for the same products due to this price increase passed on by the producers.
US Retail Sales
As a crypto investor, I’m keeping an eye on this week as we approach Friday, November 15th. That’s when the U.S. retail sales data is due to be released. This information, coming from the Census Bureau, could provide some insight into consumer spending patterns, particularly those that aren’t tied to food expenses. So, I’ll be watching closely to see how this might impact the broader economy and my investment decisions.
According to Data from Investing.com, there’s an expected modest drop in overall U.S. retail sales. This forecast suggests a decrease from a 0.4% increase to a 0.3% increase over the past two months.
A decrease in retail sales might indicate growing concerns about an economic downturn, as people may be less likely to spend money. Such a trend could potentially have adverse effects on various financial markets, like stocks and even digital currencies such as cryptocurrencies.
Read More
- Dragon Ball Z’s Spinoff Daima Is Officially Available In English, And I Think Fans Should Be Watching For One Major Reason
- Hrithik Roshan’s ex-wife Sussanne Khan shares beautiful birthday wish with pic ft actor’s GF Saba Azad: ‘The best of your talent…’
- ’28 Days Later’ Gets Official Streaming Date From Sony
- Dexter: Original Sin Made Me Holler At My TV When That Killer Easter Egg Appeared, And The Creator Shared His Own Excitement
- Yami Gautam flaunts her ‘Monday morning happiness’ as she resumes shoot after son Vedavid’s birth; See PIC to find out 2nd reason for her smile
- Raj Babbar’s daughter Juhi Babbar shares at what age father told her about his second wife, Smita Patil; any guesses?
- Wolf Man” Director Declares “Invisible Man
- Top gainers and losers
- ‘Violent Night 2’ Writers Discuss Who Could Star as Mrs. Claus
- Deva: Shahid Kapoor starrer’s director Rosshan Andrrews reveals idea behind his character; ‘he has a ‘don’t care’ attitude
2024-11-14 09:50