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Week-49-2022 Macro Review

The US Equity markets ended the week 49 much lower than the top cryptocurrencies. The NASDAQ index closed lower by (NASDAQ⬇️4.0%) at $11.005 and S&P 500 lower by (S&P500⬇️3.4%) at $4.072, while the Ethereum closed lower by (ETH⬇️1.5%) at $1.261, and Bitcoin ended the week lower by only (BTC⬇️0.2%), closing at $17.092.

The US equity market saw its biggest drop in more than a month following the release of stronger than expected Producer Inflation Index (PPI) last week. It has indicated that the US producers got more for their products in the pipeline than expected by majority of economists, surveyed by Dow Jones. The PPI data showed that the US economy is still doing well despite the Fed’s actions to cool it down by raising rates, even though the PPI increase was the slowest 12-month pace since May 2021.

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