Those listening very carefully would have heard a collective sigh of relief yesterday as PCE numbers came in exactly within expectations. The core personal consumption expenditures price index, which excludes some of the more volatile elements such as food and gas, increased 0.4% in January, matching forecasts. The metric is the Fed’s preferred measure of inflation so traders will find the lack of surprises very comforting.
Markets had been a little indecisive in the days leading up to the data print, especially in the absence of any other significant economic releases. The Nasdaq Composite took the news well, gaining 0.9% on Thursday. The S&P 500 wasn’t far behind, rising 0.52% to finish the session with its highest ever daily close. The Dow Jones was more subdued with a 0.12% gain on the day. Everyone’s favourite darling, the Nikkei 225, continued to show strength this morning, now eyeing the as of yet untouched 40k level. Worth mentioning the German DAX and French CAC 40 which also continued to break new ground in recent sessions as well.
Not a lot going on in the world of currencies this week, the DXY continued to oscillate around 104, showing little inclination to exit the current range one side or the other. A small sign of life in gold yesterday as the precious metal gained half a percent to close at $2,044 an ounce. The more interesting developments have arguably been occurring in its digital counterpoint however, as Bitcoin gained roughly $10k since the start of the week, now up to $61k at the time of writing. Another such move would see it reach all time highs of its own.
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