AVAX, ALGO hit 1-week highs, as U.S. inflation rises to 40-year peak.
Data showed that inflation is currently at 8.6%, which is close to a 40-year high. Both AVAX and ALGO moved close to one-week lows on the news.AVAX moved close to a one-week low on Friday, as prices fell following the release of U.S. inflation data.
This drop took prices close to their support level of $22.50, and comes as AVAX has dropped for four consecutive days.Today’s low sees prices trade at their weakest point since last Saturday, with many now waiting to see if we could see even more drops this weekend. This will be positive news for bulls who will likely wait for any signs of reversals prior to re-entering the market.Like AVAX, ALGO also dropped in value during today’s session, as it too hit its lowest point this week.
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US inflation hit a new 40-year high last month of 8.6%At the same time, inflation has shown some signs of moderating, and economists expect it to decline this year, though not by very much.
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Inflation hits fresh 40-year high in May with consumer prices surging 8.6%The May consumer price report, released on Friday, sheds light on whether inflation is peaking, or whether consumers will continue to face rising costs in coming months.
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US inflation hit 8.6% in May, a new 40-year highConsumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
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