[ad_1]
Bitcoin (BTC) fell on the Dec. 9 Wall Street open as United States economic data appeared to disappoint markets.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Attention turns to Bitcoin vs. CPI “big trigger”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to come closer to $17,000 after passing the level overnight.
The pair reacted badly to U.S. Producer Price Index (PPI) data, which despite being above expectations still beat the readout from the month prior.
“Bit of an over reaction towards PPI, which has been dropping significantly from last month, but less than expected,” Michaël van de Poppe, founder and CEO of trading firm Eight, responded.
Van de Poppe, like others, noted that the crux of macro cues would come next week in the form of Consumer Price Index (CPI) print for November.
“CPI next week is the big trigger, just like it was earlier this month,” he added.
CPI could be a seminal point, trading firm QCP Capital continued, as if it were to continue its downward trend, markets may get an even stronger conviction over lower inflation greeting the new year.
The Federal Reserve’s Federal Open Market Committee (FOMC) meeting days later, where policymakers decide on interest rate hikes, should add fuel to the fire.
“Tuesday’s CPI will yet again be ‘the most important CPI release ever’, this time because the market has set it up to be with its epic 2-month short squeeze rally,” QCP wrote in a market update on the day.
“At the FOMC, Fed members will release their updated projections of inflation and interest rates. Markets will focus on where they forecast inflation next year, as well as where they see rates in 2023 and 2024. Both these events are the last remaining hurdles for the rally into year-end.”
Analysts acknowledged that if CPI were to disappoint, it would potentially “invalidate” the stocks rally so far. A 50-basis-point rate hike had a 77% probability of occurring, according to CME Group’s FedWatch Tool.
Fed target rate probabilities chart. Source: CME Group
U.S. dollar catches a break
U.S. equities were flat after the first hour’s trading, with PPI failing to make a significant dent in performance.
Related: GBTC ‘elevator to hell’ sees Bitcoin spot price approach 100% premium
For macro economist and stocks analyst James Choi, this was to be expected, given that the Fed was already considering decreasing the pace of its rate hikes.
“The FED already pivoted its course. Today’s PPI won’t make a dent to Powell’s plan. It’s 50bp next week, then that’s it,” he forecast, also saying that his calculations predicted a “much, much lower” CPI reading than many believed.
Meanwhile, U.S. dollar strength also simmered, the U.S. dollar index (DXY) attempting to make up for the previous day’s lost ground on the back of PPI.
U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
[ad_2]
Source
arimidex 1mg pills anastrozole without prescription purchase arimidex generic
order naproxen without prescription buy lansoprazole 15mg generic lansoprazole uk
clarithromycin 250mg for sale antivert 25 mg usa antivert 25 mg generic
buy albuterol 100 mcg generic buy albuterol 100 mcg without prescription purchase ciprofloxacin without prescription
brand tiotropium bromide 9 mcg buy hytrin 1mg sale oral hytrin 1mg
montelukast 5mg uk montelukast 10mg sale real viagra pharmacy prescription
purchase pioglitazone online order viagra 50mg for sale order viagra 50mg pill
tadalafil 10mg tablet Cialis buy overnight purchase cialis
tadalafil 40mg usa Cialis online usa online slot machines real money
ivermectin 200 order stromectol 12mg for sale avlosulfon buy online
casino real money online money poker win real money online casino
adalat 30mg ca buy fexofenadine pills allegra for sale
real casino online quick hits free online slots online casino no deposit bonus
ramipril 10mg price order amaryl 1mg sale arcoxia 60mg tablet
order doxycycline 100mg online doxycycline 200mg for sale buy cleocin 150mg for sale
dissertation writers online buy sulfasalazine 500 mg for sale sulfasalazine pills
asacol 800mg ca asacol 400mg sale avapro 300mg canada
benicar 10mg us order olmesartan 20mg without prescription divalproex 250mg canada
order clobetasol generic buy cordarone 100mg sale order amiodarone 100mg online
order generic diamox isosorbide pills buy generic imuran 25mg
buy lanoxin online micardis over the counter order molnupiravir 200mg for sale
buy carvedilol generic order ditropan online elavil 50mg price
order amoxicillin 500mg generic buy stromectol 3mg generic buy ivermectin 6 mg for humans
order alendronate 35mg generic ibuprofen 400mg oral order motrin without prescription
buy priligy 60mg for sale buy domperidone 10mg generic domperidone for sale online
generic pamelor 25 mg purchase paroxetine paroxetine pills
indomethacin 75mg generic purchase indomethacin pills cenforce 100mg for sale
brand pepcid buy generic mirtazapine purchase mirtazapine
order doxycycline generic order doxycycline generic medrol 16 mg pills
requip 1mg us trandate 100 mg without prescription order trandate 100mg sale
purchase tadacip online order amoxicillin amoxicillin online buy
buy fenofibrate for sale fenofibrate 200mg generic sildenafil 50mg oral
buy nexium capsules cost lasix 40mg purchase lasix sale
order cialis pills buy viagra 100mg viagra overnight shipping usa
buy minocycline 50mg pills order hytrin 1mg generic purchase terazosin generic
generic tadalafil 20mg tadalafil pharmacy ed pills that work
order metformin pill order calan 120mg generic tamoxifen 20mg uk
modafinil without prescription promethazine sale buy generic promethazine
purchase clomiphene pill prednisolone cheap buy prednisolone 10mg pills
prednisone 40mg generic prednisone 5mg pill buy amoxil 250mg pills
accutane uk ampicillin for sale ampicillin antibiotic online
fildena 100mg price buy pregabalin 150mg pills order finasteride 1mg generic
stromectol 3mg tablets stromectol ca deltasone 10mg pill
order provigil without prescription order zestril 5mg online order lopressor pills
prednisolone 10mg sale gabapentin cheap furosemide cost
buy generic dutasteride avodart 0.5mg usa xenical price
monodox drug purchase zovirax generic buy zovirax 800mg online cheap
imuran brand azathioprine medication naprosyn 250mg over the counter
buy oxybutynin 5mg generic oxybutynin 5mg cost oxcarbazepine 300mg price
cefdinir 300mg cheap prevacid 15mg without prescription purchase pantoprazole online cheap
buy simvastatin 20mg sale order sildalis generic sildenafil 100 mg
dapsone 100 mg uk asacol buy online atenolol 50mg oral