🚨 PMIs FROM THE USA CAME WAY ABOVE EXPECTATIONS
The Industrial PMI came in at 57.0, against an expected 53.6.
The Services PMI came in at 58.7, against an expected 55.8.
That is, the US economy is still showing a lot of strength.
For those expecting Fed rate cuts, however, these data are not positive. A hotter economy reduces the need for stimulus and may keep the Fed more cautious about interest rates.
The Fed raised rates to 3.75%–4.00% and still keeps inflation as one of its main concerns.
Now we’ll track the next data, especially inflation, the labor market, and oil.
The #BTC was already in a slight pullback; the data didn’t change anything for it. Of course, if the data had come in strong… a faster continuation higher would have been the most likely scenario, but still… it seems good.
Remember that even to keep a continuation higher, we need some pullbacks and retests at key levels, and that’s exactly what we’re doing now.
The Industrial PMI came in at 57.0, against an expected 53.6.
The Services PMI came in at 58.7, against an expected 55.8.
That is, the US economy is still showing a lot of strength.
For those expecting Fed rate cuts, however, these data are not positive. A hotter economy reduces the need for stimulus and may keep the Fed more cautious about interest rates.
The Fed raised rates to 3.75%–4.00% and still keeps inflation as one of its main concerns.
Now we’ll track the next data, especially inflation, the labor market, and oil.
The #BTC was already in a slight pullback; the data didn’t change anything for it. Of course, if the data had come in strong… a faster continuation higher would have been the most likely scenario, but still… it seems good.
Remember that even to keep a continuation higher, we need some pullbacks and retests at key levels, and that’s exactly what we’re doing now.
