Daily Alert – Thursday 29th February 2024: For the first time, I am looking at crypto

Mark NugentDaily Alert, February 2024

Daily Alert – Thursday 29th February 2024: For the first time, I am looking at crypto

Good afternoon.

The Fed’s chosen measure of inflation, Core PCE, met expectations at 2.8% on the important year-by-year basis, moving down from the prior month’s 2.9%. So, all is well, and no horses have been frightened.

It’s a similar and better position in Germany, where CPI year-on-year for February came in at 2.5% versus an expected 2.6% and a January number of 2.9%. So, roll on with the interest rate cuts Christine, the eurozone economy needs it like a glass of Provançal rosé on a sunny afternoon.

The Bank of Japan again hinted at interest rate hikes although not too many of them. The JPY jumped up.

In the video I reviewed two articles on crypto. This asset class is now on my watch list for the first time as we are now able to consider it from the fundamental perspective. Previously, the price was driven by the chaotic heard behaviour of the retail “investor”. That has now changed.

That’s it from me for this week. Have a great weekend when it comes. I’ll be back on Monday.

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