Quick Take
- In the past two days, a lot of macro data has come out for the U.S., which shows significant signs of a slowing economy in the U.S.
- Yesterday, the US manufacturing slump deepened as the manufacturing ISM index fell further into contraction, which fell below expectations and fell to its lowest level since May 2020.
- Today, JOLTS data printed 9.93 million vs. the 10.5 million expected. This was the smallest print since April 2021.
- Labor demand is falling; companies are posting fewer jobs and fewer plans for hiring people.
- The next shoe to drop should be unemployment which comes out on Friday.
- As a result, the DXY index dropped to 101.6, and US yields dropped.
- While gold breaks out to $2,020
- Bitcoin remains above $28,000
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