Strong Fed and global economic indicators lowered BTC and NASDAQ
The market’s bearish reaction to the Fed extended into Thursday’s session, as investors responded further to the FOMC’s economic outlook and Fed Chair Powell’s press conference.
However, economic indicators from China and the US added to the market’s anxiety throughout the day.
Figures from China reflect the impact of China’s coronavirus policy, with retail sales down 5.9% year-on-year. But the industrial production figures also raise signs of danger. Industrial production rose just 2.2% in November. In October, retail sales fell 0.5%, while industrial production rose 5.0%.
Global financial markets reacted to the economic backdrop, with the Nasdaq down 3.23%.
Today, the focus will shift to the preliminary December Private Sector PMI figures for the Eurozone and the US. We expect a weaker US services PMI to add to the losses.
This morning the NASDAQ mini index rose by 7 points.