HomeBitcoinUS PCE: Bitcoin, Ethereum Retrace Ahead Of Inflation Data; Wall Street Estimates

US PCE: Bitcoin, Ethereum Retrace Ahead Of Inflation Data; Wall Street Estimates


The U.S. Bureau of Economic Analysis to announce the personal consumption expenditures (PCE) inflation data for September today. The annual PCE inflation is expected at 3.4%, after an increase to 3.5% last month. The Federal Reserve’s preferred gauge to measure inflation core PCE is expected at 3.7%, falling from 3.9% last month. However, on a monthly basis, core PCE is expected to accelerate to 0.3% from 0.1%.

Recently, Fed Chair Jerome Powell stated the Fed is proceeding carefully and further tightening of monetary policy depends upon incoming data. Powell stressed on tight labor market but agreed on inflation slowly cooling towards its 2% goal. The Fed kept interest rates unchanged last month at 5.25%-5.50%.

Wall Street estimates are mostly in line with market consensus in response to the impact on energy prices due to the Israel-Hamas conflict. The markets will remain volatile as traders access mixed earnings results and strong US GDP growth of 4.9%.

US stock futures rose on Friday after the market sold off for two straight sessions. Oil price is expected to fall due to easing concerns about the Middle East conflict. Moreover, the U.S. Dollar Index (DXY) fell to 106.56.

Also Read: Ethereum Developers Delay the Security Enhancing Dencun Hardfork, Here’s Why

Retracement In Bitcoin and Other Crypto Ahead US PCE

Bitcoin and Ethereum retrace as traders book profits in response to Friday’s expiry and the key PCE inflation data. BTC price fell nearly 2% in the past 24 hours amid low trading volumes. The 24-hour low and high are $33,762 and $34,774, respectively.

Whereas, ETH price fell below the $1,800 level, with the price trading at $1,793. The 24-hour low and high are $1764 and $1865, respectively.

However, meme coins are moving the markets after the Bitcoin ETF hype. After Pepe Coin’s rally in the last 2 days, FLOKI price jumped over 22% in the last 24 hours.

Also Read: BTC Open Positions Spike Up Ahead of the Bitcoin Options Expiry

✓ Share:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

US PCE: Bitcoin, Ethereum Retrace Ahead Of Inflation Data; Wall Street Estimates svg xml  3Csvg 20xmlns

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

Must Read
Related News


Please enter your comment!
Please enter your name here