Bitcoin made an impressive run after the U.S. Consumer Price Index report came as expected. But two more key events could add to the positive sentiment this week.
Bitcoin (BTC) reached a new all-time high of over $93,400 hours after the U.S. CPI report was released on Wednesday. The inflation rate in the largest economy in the world increased by 0.2% year-over-year in October and reached 2.6% as expected.
The global crypto market cap also surged close to the $3.2 trillion mark before declining to $3.11 trillion again, data from CoinGecko shows. However, the total trading volume decreased by 5%, hovering at $400 billion.
Here are two more macro reports to keep an eye on this week:
US Producer Price Index
The U.S. Producer Price Index report is scheduled to be released today, according to Investing.com. As the CPI increased, the PPI is also expected to have risen from 1.8% in September to 2.3% in October, according to Investing.com data.
Why is the PPI important?
The PPI is also directly related to the country’s inflation rate as it shows the domestic producers’ output price changes. In simple terms, if the production costs increase, the consumer would also have to pay more to receive the products.
US Retail Sales
The U.S. retail sales data will be released on Friday, Nov. 15. Moreover, the Censors Bureau’s retail report could hint at consumer spending trends, excluding food-related costs.
Investing.com data expects a slight decline in total retail sales in the U.S. — anticipating a fall from 0.4% to 0.3% over the last two months.
A drop in retail sales could suggest increasing fears of a recession as consumer spending is anticipated to slip. This could negatively impact financial markets, including cryptocurrencies.
