Saltık 
The US Federal Reserve announced the US producer price index (PPI). Market expectations were for the index to be announced as 0.2, just like the previous month. The announced data was 0.1, which was outside expectations.The fact that the PPI data from the US came in below expectations is very important for the recovery and strong stance in the markets. The fact that the producer inflation data, which was expected to be 0.2, decreased to 0.1 is a very important and positive development. Last month’s data indicated an inflation rate that increased from 0 to 0.2. The fact that this month’s data came in better than expected may provide an environment for markets to relax and take a breath.
You may be interested in: QCP Capital: Fed Emergency Interest Rate Cut Will End Confidence
While millions of dollars were wiped out of the markets due to the recession concerns experienced after the Japanese data flow in the past weeks, the data revealed a recovery again. With this development, it may also create an environment for the interest rate cut expected to be made in September, as the Fed planned – according to rumors.
Bitcoin After PPI Data
With the PPI data coming in below expectations, the leading cryptocurrency is trying to earn $59,000 in Bitcoin. The candle that came after the data took Bitcoin back to $59,000. Bitcoin holding on in this area is positive, and it may wick a rise to the $61-63,000 range.
The $59,000 resistance in Bitcoin is being tried to be gained with the last two one hour candle.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.