traditional markets and cryptocurrency The US Producer Price Index (PPI) and Retail Sales data, which are closely followed by the market, were announced.
-0.5% in the producer price index (PPI) data. Expected -0.1%, previous 0.3%.
Retail Sales results in -1.1%. expected -1%, previous -0.6%
Bitcoin reacted to the development as follows:
The Producer Price Index (PPI) measures the average change over time in the selling prices of domestic producers for their production. It is a measure of inflation at the wholesale level. Retail Sales, on the other hand, measures the total sales of retail goods and services over a given time period. It is considered an important indicator of consumer spending and overall economic health.
Together, these two indicators provide a broad picture of the state of the economy; PPI shows changes in the cost of goods and services at the wholesale level, while retail sales shows changes in consumer spending at the retail level.
According to the data released on Tuesday, industrial production in New York state unexpectedly fell to the lowest level of the last two years with -32.9 in January, while it was weaker than the expectations of -8.7 due to the decrease in orders and the halt in employment growth.
US Industrial Production data will also be released today. Economists forecast this data to be -0.1% in December compared to -0.2% month-on-month.
Additionally, market participants will focus on speeches by Fed officials Bostic, Logan and Harker for more clues on the rate outlook.
*Not investment advice.
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