Today, eyes are on US inflation data in global markets, which also affect cryptocurrencies. According to some, the US CPI data for November does not seem to affect the FED’s policy. The market is concerned that the FED may suspend interest rate cuts if the data show that the disinflation process is slowing down. Here are the details…
US inflation data is announced today: What to expect?
US November CPI data, which will be released on 11 December, will be released at 21:30 this evening. The report is the last important data before the FED’s December meeting. The market is concerned that if the data shows that the disinflation process is stagnating, it will encourage the FED to suspend interest rate cuts in December. Michael Brown, senior research strategist at Pepperstone, said in a report that the US November CPI data to be released this evening is unlikely to significantly change the near-term outlook for the FED’s policy.
A 25 basis point interest rate cut next week seems to have been decided. According to experts, the labour market rather than price pressure is the main determinant of the current policy change. Economists surveyed by the Wall Street Journal expect the overall CPI annual rate of increase in November to accelerate from 2.6 per cent in October to 2.7 per cent, while the core CPI annual rate of increase is expected to remain unchanged at 3.3 per cent.
Dollar, gold, stock market and cryptocurrency investors are keenly watching
The countdown continues for US inflation data. So, when will November inflation data be announced? US inflation rates will be released today, around 16.30 TSI. In the evening, around 10 pm, the US federal budget balance for November is determined.
What is the latest situation in prices?
Meanwhile, BTC’s inability to decisively conquer the $100,000 level over the weekend resulted in several consecutive declines that hurt the asset’s price movements. It all started on Monday when BTC hit a daily high of $100,400, only to fall below $94,400 just a few hours later. After billions of dollars of liquidation, the cryptocurrency started to recover on Tuesday and rose to $98,400. However, the same scenario was repeated once again as BTC fell hard to the same support level of $94,400. Since then, the asset has continued to recover and rose to $94,400 once again hours ago. However, it has failed to continue its ascent and now the community is wondering if another rejection will follow. For now, Bitcoin’s price means its market cap is approaching $1.940 trillion and its dominance over altcoins is over 53 per cent.
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