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2024.4.2 Macro analysis
Good afternoon, brothers, last night's PMI data exceeded expectations, causing BTC, which had just rebounded, to fall further. The U.S. dollar index soared, and U.S. Treasury yields also rose, the biggest one-day increase this year. The PMI beat expectations by a wide margin, providing further evidence for the Fed to maintain high interest rates and fight inflation.
Originally, we all thought that we would cut interest rates in June, but the CPI released in mid-March and the PMI released yesterday both exceeded expectations, and according to economic data, Powell said last week that he was not in a hurry to cut interest rates. So the probability of a rate cut in June is currently less than 50%.
The Fed is hawkish again!
Fortunately, the current on-chain data shows that the whale coin hoarding continues, and Tether, the company that issued USDT, bought 8,888 BTC in the first quarter. There is little risk of BTC plunging again.
At present, it is still mainly defensive, waiting for Friday's non-farm payrolls data. The crux of inflation in the United States lies in the hot labor market, with non-farm payrolls data and industrial data released at 20:30 on Friday night. If it still exceeds expectations, there will be a fall, and if it is lower than expected, the currency circle will carry out a comprehensive counteroffensive.
As long as the chips are still there, there are endless opportunities, and you are afraid that if you leave the table after a liquidation, you will be out of play.