TechFlow news, XT reminds you to pay attention to macroeconomic data. At 20:30 Singapore time on July 11, 2024, the U.S. Department of Labor will release the U.S. unadjusted CPI year-on-year rate for June and the seasonally adjusted CPI month-on-month rate for June. The unadjusted CPI year-on-year rate is more closely watched by the market.
Release Frequency: Monthly
Data Significance: The U.S. Consumer Price Index (CPI) measures changes in the price level of a basket of goods and services, reflecting inflation conditions. CPI data directly influences the Federal Reserve's monetary policy decisions. Persistently high CPI readings indicating elevated inflation may prompt the Fed to raise interest rates or reduce asset purchases, thereby tightening market liquidity and potentially pressuring high-risk assets including Bitcoin. Through multiple channels such as inflation expectations, the value of the U.S. dollar, Federal Reserve policy, and market sentiment, U.S. CPI data significantly impacts the Bitcoin market. Investors need to comprehensively consider these factors to understand the potential short-term and long-term effects of CPI data on the Bitcoin market.
Data Impact: If actual values < forecast values, e.g., U.S. unadjusted CPI year-on-year rate for June comes in at 3.0% < 3.1%, and U.S. seasonally adjusted CPI month-on-month rate at 0.0% < expected 0.1%, it would be bearish for the U.S. dollar and bullish for non-USD currencies. It would be bearish for government bond yields, boost rate-cut expectations, weaken rate-hike expectations, and benefit risk markets including cryptocurrency markets.
Data Source: Jinshi Data
