Crypto market participants will closely monitor this week’s important inflation data.
The Federal Reserve’s interest rate plans could be shaped by these data.
Trading in the cryptocurrency market was turbulent last week, with a promising beginning quickly giving way to a bearish finish. Notably, the week got off to a great start with experts predicting that Bitcoin will achieve a new high, sending expectations rising.
The mood has shifted, however, in anticipation of a more aggressive approach from the Federal Reserve after Friday’s strong U.S. Job Data. In light of the current uncertainty in the market, traders and investors will be focusing intently on next week’s planned major events.
All Eyes on Fed
Crypto market participants will closely monitor this week’s important inflation data, including the U.S. Consumer Price Index (CPI) for May, which is slated for Wednesday, June 12. Key indicators of price fluctuations, the Consumer Price Index (CPI) and the Core CPI, will provide light on the present level of inflation in the United States.
Other important indicators for analyzing inflation patterns in the nation include the Core PPI and the U.S. Producer Price Index (PPI). Thursday, June 13 is when the U.S. PPI and Core PPI (inflation figures for May) are anticipated to be revealed.
The Federal Reserve’s future posture and interest rate plans could be shaped by these two pieces of data. These numbers would give light on the US Federal Reserve’s strategy for combating inflationary pressures, which is important for crypto market investors and the wider financial industry in the wake of last week’s mixed US employment statistics.
On June 12, after the publication of U.S. CPI inflation statistics, Chair Jerome Powell of the Federal Reserve will hold a news conference and the FOMC will announce its interest rate decision.
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