Tariff-led inflation begins to shows its weight – Market wrap for the North American session - August 14

[Ben Graham]

Log in to today's North American session Market wrap for August 14.

The latest U.S. Producer Price Index offered the first tangible signs of tariff-led inflation taking hold, with headline PPI rising 0.9% MoM in July (vs. 0.2% expected) and up 3.3% YoY (vs. 2.5% expected). Core PPI followed a similar path, underscoring the early pass-through effects from recent import levies (3.7% on the y/y core data!)

Risk appetite was muted, with Bitcoin, cryptocurrencies, and equities generally lagging as traders digested the inflation surprise and its implications for Fed policy.

Crypto’s recent momentum cooled, with Bitcoin holding around $117,000 and altcoins drifting lower.

Elsewhere, US Treasury Secretary Scott Bessent mentioned the idea of a national cryptocurrency acquisition, framing it as a potential strategic reserve in the digital era, but the headlines couldn't save the 4.50% correction in BTC.

Read More: Imminent profit-taking in Cryptocurrencies – What's the story

Cross-Asset Daily Performance

Cross-Asset Daily Performance, August 14, 2025 – Source: TradingView

US Oil was the only asset rebounding with the US Dollar while most risk-assets took a hit. Look at the cryptos!

A picture of today's performance for major currencies

Currency Performance, August 14 – Source: OANDA Labs

The USD rebounded a bit from the data but most of the movement could be seen in tomorrow's session.

A look at Economic data releasing in tonight and tomorrow's sessions

For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Overnight, markets will be watching Japan’s GDP and China’s industrial production for fresh clues on regional growth momentum.

Friday’s session brings U.S. Retail Sales (8:30 AM ET) and University of Michigan inflation expectations (10:00 AM) —but all eyes will be on the Trump–Putin meeting in Alaska so don't forget to watch the headlines.

Safe Trades!

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