The US dollar index rose slightly to 101.77, gold fell back to $2,512, and Bitcoin stabilized at $57,000. The US core consumer price index (CPI) recorded the largest increase in four months, exceeding market expectations and suppressing the pricing of the Federal Reserve's 50 basis point rate cut. Hamas stated that it was ready to implement a ceasefire "immediately" without setting new conditions.
US core CPI "explodes" and impacts doves! A sudden ceasefire in the Middle East Gold falls back to 2512, Bitcoin stabilizes at 57,000 Hamas: ready to implement a ceasefire without setting new conditions
US CPI suppresses 50 basis points of "dovish" interest rate cut pricing
The annual CPI inflation rate in the United States fell to 2.5% in August from 2.9% in July, the lowest level since April 2018.
In August, the core CPI, which excludes volatile food and energy prices, remained unchanged at 3.2% year-on-year, in line with expectations.
The monthly CPI rose 0.2% and the core CPI rose 0.3%, the largest increase in four months, and both were higher than market expectations.
Neil Birrell, chief investment officer at Premier Miton Investors, agreed that the likelihood of a 50 basis point rate cut by the Fed next week was hit hard by the report, but it was not enough to stop the bank from cutting rates.
The dollar was flat as traders reduced the odds of a 50 basis point rate cut by the Federal Reserve, now pricing in an 85% chance of a 25 basis point cut.
After Biden put on the "Trump 2024" campaign hat, it was widely circulated on social platforms. According to US media, this is correct information. Piers Morgan, a senior British media person, also posted a message to emphasize that it was not a joke. The White House said that this move was to show unity on the anniversary of the 9/11 attacks.
Biden has often talked about trying to unite the country and lower the political temperature, even as he has slammed the former president as a threat to democracy, The Hill reported. Biden ended his reelection campaign in late July and was subsequently replaced by Harris, who ran a close race with Trump.
On Wednesday (September 11), Biden, Harris, Trump and Republican vice presidential candidate J.D. Vance all attended the 9/11 memorial in New York City. Biden and Harris went to Shanksville to mourn the victims of Flight 93, and Trump also stopped there later that day.
Trump and Harris discussed topics such as the U.S. macroeconomics, the controversy over the 2025 plan, abortion and reproductive rights, tariffs and immigration policies in a televised debate on Wednesday.
Bitcoin Technical Analysis
CoinTelegraph noted that Bitcoin’s recovery faced selling at the 20-day exponential moving average of $57,841, but the long-term line on the September 11 candlestick chart showed solid buying around $55,724.
If the price rises above the 20-day EMA, it will suggest that the bulls are attempting to form a higher low. This will increase the possibility of a breakout above the 50-day simple moving average at $60,259. Bitcoin could rally to $65,000.
Conversely, if the $55,724 support is broken, it will indicate that the bears are maintaining the selling pressure. Bitcoin could drop to $52,550 and then to the critical support of $49,000.
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