Bitcoin

The EUR/USD pair experienced a significant surge, approaching the 1.0820 level, following the release of United States Producer Price Index (PPI) data, which showed a wider-than-expected deflationary trend. The monthly headline PPI contracted by 0.3% in May, surpassing the market&#39;s anticipation of a 0.1% contraction. It is noteworthy that April witnessed a growth rate of 0.2%. Furthermore, the annualized headline PPI has softened to 1.1%, falling short of the consensus estimate of 1.5% and the previous release of 2.3%.Michaël van de Poppe, a prominent crypto trader, has shared the news in his Twitter thread about the realization of PPI:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/184a2d5239964a4b9545a6c6137464d2.png" />In contrast, the US monthly core PPI maintained its expected pace of 0.2%. However, the annualized core PPI decelerated to 2.8%, falling below the market&#39;s expectations of 2.9% and the previous release of 3.1%.The significantly weak PPI figures show the impact of declining oil prices. Companies have passed on the effects of the sharp decline in gasoline prices to end consumers, as there have been no signs of a general slowdown in demand thus far.The deceleration in PPI, combined with soft inflation, easing labor market conditions, and weak economic activities, strengthens the case for the Federal Reserve (Fed) to consider pausing interest rate hikes. Consequently, the US Dollar Index (DXY) has faced substantial selling pressure following the softer-than-anticipated data, causing it to drop below the critical support level of 103.00.Read full article at <a href="https://cryptotale.org/eur-usd-surges-near-1-0820-as-us-ppi-deflates-beyond-expectations/" rel="noopener noreferrer nofollow">CryptoTale.</a>

EUR/USD Surges Near 1.0820 as US PPI Deflates Beyond Expectations

CryptoTale

Other articles published on Jun 14, 2023

This Whale Accumulates Almost $4M UNI Tokens After Uniswap’s V4 Draft Release

President LuLa’s new legislation positions Brazil as a thriving hub for cryptocurrencies

Devastating offensive by the SEC: What impacts on Bitcoin HODL?

North Korean Lazarus Group Strikes Again: Over $100M Worth of Cryptocurrencies Stolen in Cyberheist

Details from Fed Chairman Powell’s Speech: Bitcoin Price Plunges!

Crypto Exchange Lama Launches Visa Cards Offering 2% Bitcoin Cashback to Users

Join our free newsletter for daily crypto updates!