Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
American producer prices report the first sink for 1.5 years
In August, American producer prices suddenly dived, reporting their first sink for 1-1/2 years because dives in the prices of food as well as an array of trade services compensated a leap in the cost of energy products.
On Wednesday, the Labor Department disclosed that its producer price index for final demand went down by nearly 0.1% in August having being intact in July. Evidently, August's slump in the PPI turned out to be the first since February last year.
For the 12 months through August, the PPI managed to gain 2.8%, speeding down further after July's 3.3% soar.
Market experts interviewed by Reuters had predicted the PPI leaping by 0.2% in August and also soaring by 3.2% year-on-year.
A primary indicator of underlying producer price pressures, without energy, trade services, and also food, added 0.1% in August. As for the core PPI, it ascended by 0.3% in July.
By the way, for the 12 months through August, in the United States the major PPI jumped by 2.9% having gained 2.8% in July.
Notwithstanding the moderation in producer prices in August, inflation is steadily going up in the face of a firm labor market as well as robust economy. The current US presidential administration's import levies on washing machines, lumber, solar panels, aluminum, and steel, not to mention a range of Chinese products, are also anticipated to back price pressures.
The personal consumption expenditures price index without energy and also food, which is the Fed’s preferred inflation measure, tacked on by 2% in July, reaching the Fed’s 2% objective for the third time in 2018.
Wholesale food prices went down by 0.6% in August, suppressed by steep dip in the costs of fresh fruits, melons, and eggs. Besides this, in July, food prices sank by 0.1%.
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RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
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