Bitcoin recovered from its weekend lows as gloomy US economic data is announced.
The pair rose in line with stocks, with the S&P 500 and Nasdaq Composite Index gaining 2.7% and 3.2%, respectively within thirty minutes of trading.
The action combined with weak U.S. economic data in the form of the Empire State Manufacturing Index, which fell to -9.1 for October, heavily below the forecast -4.3 and September’s -1.5 reading. “Manufacturing activity declined in New York State, according to the October survey,” the New York Federal Reserve“The general business conditions index fell eight points to -9.1. Twenty-three percent of respondents reported that conditions had improved over the month, and thirty-two percent reported that conditions had worsened.”
Responding, Michaël van de Poppe, founder and CEO of trading firm Eight, called the results “way worse than expected.”With that, the U.S. dollar index continued retracing recent gains on the day, targeting 112 and down 0.65%. “Risk asset deflation in 2022 and Fed tightening despite the world leaning toward recession portend an elusive end game,” Mike McGlone, senior commodity strategist at Bloomberg Intelligence,“The lower-price cure may be necessary in commodities to curtail Fed restraint and plunging money supply. Cooling crude oil may be refuel Bitcoin and gold.”
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