Yahoo Finance Market Snapshot – US Inflation Data Stronger Than Expected
Stocks Fall in US
The dollar was the focus for the day today as the retail sales data and the inflation data was scheduled to be released later during the US session. The dollar has been on the backfoot over the last few days but for no fundamental reason. It has been under pressure across the markets since the beginning of the week and with no apparent fundamental or economic reason for it, the traders were confused on whether the weakness was a correction of the dollar strength seen last week or was a reversal. The market was expecting to see some strong data from the dollar which could reverse the dollar strength but what it got were mixed signals. The retail sales data came in weaker than expected while the inflation data came in stronger and this led to a drop in the stock markets. The dollar strength is choppy at the point of writing this as the investors are yet to make up their mind on whether the data is good for the dollar or not. It might take a day or two for the market to make up its mind and find the next short term direction for the dollar.
Cryptos Recover
The crypto markets have been moving higher, something that we have been saying so over the past several days in our forecasts and market snapshots. The markets seem to have found some stability during this period and for these markets, even a lack of any bad news for a few days is considered as good news and thats what we have been seeing as the bitcoin prices have broken higher through the $9000 region and now seem to be having $10000 in their sights. Likewise the ETH prices have broken through the $900 region and seem to be heading towards the $1000 region. It looks as though the buoyancy is likely to last for the short term atleast and this should bring back the traders and the cheer in the crypto markets over the next few days.
This article was originally posted on FX Empire
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