Ripple tumbles 5% on US recession concerns
Ripple tumbled on Wednesday as most cryptocurrencies sustained losses amid a weak risk appetite following weak US data.
Earlier data showed US GDP shrank 0.3% y/y in the first quarter, while analysts expected a growth of 0.4%.
According to the ADP survey, the US private sector added just 62 thousand new jobs in April, below expectations of 120 thousand.
Trump commented on the GDP contraction data and blamed Biden’s heritage, asserting that his economic recovery that he promised will take time.
He asserted that tariffs will have their impact soon with corporations already shifting their production to the US in record numbers.
US consumer spending rose 2.6% y/y in March, down from a 3% rise in February.
Ripple
Ripple fell 4.7% on Coinmarketcap as of 20:37 GMT to $2.18.
Aussie rises after inflation data
The Australian dollar rose against most major rivals after positive data showed higher than expected inflation in the first quarter.
Australia’s consumer prices rose 2.4% y/y in March, above estimates of 2.3%, and same as the previous reading in February.
On a quarterly basis, consumer prices rose 0.9% in the first quarter, up from 0.2 % in the fourth quarter of last year.
The odds of a 0.25% interest rate cut in May by the Reserve Bank of Australia fell to 95%.
On trading, AUD/USD rose 0.4% as of 19:50 GMT to 0.6405.
Loonie
The Canadian dollar rose 0.4% as of 19:50 GMT against its US counterpart to 0.7254.
Earlier data showed Canada’s GDP contracted by 0.2% in February.
US Dollar
The dollar index rose 0.3% as of 19:52 GMT to 99.4, with a session-high at 99.6, and a low at 99.1.
Earlier data showed US GDP shrank 0.3% y/y in the first quarter, while analysts expected a growth of 0.4%.
According to the ADP survey, the US private sector added just 62 thousand new jobs in April, below expectations of 120 thousand.
Trump commented on the GDP contraction data and blamed Biden’s heritage, asserting that his economic recovery that he promised will take time.
He asserted that tariffs will have their impact soon with corporations already shifting their production to the US in record numbers.
US crude stocks fall more than expected
The Energy Information Administration reported a drop of 2.7 million barrels in US crude stocks last week to 440.4 million barrels, while analysts only expected a drop of 0.1 million barrels.
Gasoline stocks fell by 4 million barrelsto 225.5 million barrels, while distillate stocks rose 0.9 million barrels to 107.8 million barrels.
Wall Street declines after unexpected GDP contraction
US stock indices tumbled on Wednesday after earlier data showed the US economy shrank unexpectedly in the first quarter.
Earlier data showed US GDP shrank 0.3% y/y in the first quarter, while analysts expected a growth of 0.4%.
According to the ADP survey, the US private sector added just 62 thousand new jobs in April, below expectations of 120 thousand.
Trump commented on the GDP contraction data and blamed Biden’s heritage, asserting that his economic recovery that he promised will take time.
He asserted that tariffs will have their impact soon with corporations already shifting their production to the US in record numbers.
On trading, Dow Jones fell 1.1% as of 15:44 GMT to 40102 points, while S&P 500 shed 1.4%, or 77 points to 5483 points, as NASDAQ dropped 1.8%, or 316 points to 17,148 points.