Sign Up on MEXC
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
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Franklin Templeton Solana ETF Decision Until November
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Breaking: U.S. PPI Cools To 2.6%, BTC Price Rises
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
