The global financial sector, including the crypto market, was eagerly waiting for the US CPI data today. Notably, according to the latest data by the U.S. Labor Department, the inflation has cooled to 3% in June, down from the Wall Street estimates.
The cooling data appears to have boosted the market sentiment today, which was hit lately due to the massive dump by the German government. Furthermore, it has sparked speculations over a potential rally in Bitcoin price as well as in the broader crypto market.
US CPI Cools To 3%
According to the latest data released by the U.S. Bureau of Labor Statistics, the US CPI eased to 3% in June, after coming at 3.3% in the prior month. However, on a month-over-month (MoM) basis, the CPI inflation slightly noted an advancement of 0.1%, after it remained unchanged in May from April. Despite the slight surge, it came in line with the market estimates.
On a 12-month basis, the cooling inflation has fueled market interest, sparking speculations over a positive sentiment in the broader financial market, let alone the crypto sector. In addition, it has also raised bets over a potential rate cut by the U.S. Federal Reserve as soon as September.
On the other hand, the Core CPI data showed that the inflation, excluding the food and energy prices, eased to 3.3% in June from 3.4% in the previous month. On a MoM basis, the Core CPI comes in at 0.1%, down from the market estimates and May’s figure of 0.2%.
The post Breaking: US CPI Inflation Eases To 3%, Bitcoin To Rally Ahead appeared first on CoinGape.
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