Bitcoin's price edged slightly lower on Thursday, trading around $99,200, despite a 4% rally following the previous day's release of US Consumer Price Index (CPI) data. Meanwhile, gold continued its upward trajectory for the third consecutive day, recovering initial weekly losses and rising above the $2,700 level. The foreign exchange market saw the GBP/USD extend its decline early in the American session as the US Dollar reversed its weekly pullback with modest advances.
The retail sector delivered some promising news. Total sales for the 12 months of 2024 increased by 3.0% compared to 2023, and for the October through December 2024 period, sales were up 3.7% from the same period a year ago. Retail Sales excluding Autos rose by 0.4% during this time frame, reflecting a recovery in consumer spending as the country approached the release of the December US CPI data on Wednesday.
However, US Retail Sales for December rose less than anticipated, climbing by just 0.4% and reaching a total of $729.2 billion. This increase was below analysts' expectations but still highlights a positive trend in consumer spending during the holiday season.
In the cryptocurrency market, Bitcoin's price experienced a slight dip despite initial gains after the release of US CPI data. The digital currency had rallied 4% on Wednesday but faced slight downward pressure as investor sentiment fluctuated. Gold, on the other hand, continued its positive momentum, marking a three-day streak of gains and surpassing the $2,700 level as investors sought safe-haven assets amidst economic uncertainties.
The foreign exchange market observed significant movements with the GBP/USD pair extending its decline. The US Dollar showed resilience by reversing its weekly pullback and advancing modestly against other currencies, influenced by the latest economic data releases and market dynamics.
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