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Hot July PPI Above Expectations, Cryptocurrency Market Maintains Stability
July brought an unexpectedly high increase in the U.S. Producer Price Index (PPI). The annual growth rate of PPI reached 3.3%, surpassing expectations of 2.5%. The monthly increase in production prices reached 0.9%, the highest reading since June 2022.
Stock markets reacted with a sharp decline in the first minutes of trading; however, after a few hours, the main indices recovered some of their losses. Interest rate-sensitive segments weakened, while mega-cap stocks like Amazon and Netflix supported the rebound of the major stock market indicators.
The cryptocurrency market, however, remained relatively stable – the largest digital assets are trading within narrow price ranges, and short-term implied volatility has not shown significant deviations. Investors are already turning their attention to tomorrow's Consumer Price Index (CPI) report and possible signals regarding the Fed's further monetary policy.
- Key PPI Data
- Short-term Reaction of Stock Markets
- Stable Valuation of Major Cryptocurrencies
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Disclaimer: This material is for informational purposes only and does not constitute investment advice. Before making investment decisions, we recommend consulting a financial advisor.