Expected March US inflation data has been released. In February, inflation came in at the expected level of 0.4. Inflation data announced on April 12 forms the basis of the Fed’s May 3 interest rate decision. Here is the US inflation data for March and the first reaction of Bitcoin (BTC), gold and dollar…
March inflation in the USA has been announced
The U.S. Bureau of Labor Statistics reported Wednesday that inflation in the U.S., as measured by the Consumer Price Index (CPI), fell to 5% year-on-year in March, from 6% in February. This reading came in below the market expectation of 5.2%.
Annual Core CPI, which excludes volatile food and energy prices, rose 0.4% month on month to 5.6% as expected.
How did Bitcoin (BTC), gold and the dollar react?
The US dollar came under heavy selling pressure with the initial reaction to the soft inflation report. The US Dollar Index is currently at 101.72, down 0.49% on the day.
BTC price rises in response to March US CPI data
U.S. stock futures rose in response to a less-than-expected increase in inflation for March 2023. Meanwhile, the crypto market initially didn’t react much to the news of inflation data, but then showed a jump of 1%. Bitcoin price continues to trade above $30,200 after crossing the key $30,000 milestone on Tuesday for the first time in nearly 10 months. Previously, the crypto market showed little volatility as investors awaited key March inflation data.
Ethereum (ETH)
While the price of Bitcoin currently continues its upward trajectory from $30,200, altcoin leader Ethereum also witnessed a marginal increase of 0.94% within minutes after the CPI data was released. Currently, the price of ETH is trading below $1,900 again, down 1.35% in the last 24 hours.
Additionally, U.S. stock futures rose after the core inflation gauge showed consumer prices rose less-than-expected in March. Futures contracts based on the S&P 500 index were trading 0.8% higher, while Dow Jones Industrial Average futures were up 221 points, equivalent to a gain of 0.6%, while Nasdaq-100 futures were up 1%.
Gold market rising
After the US CPI data in March, the gold market took action. ONS gold is trading over 2.000 TL, increasing 0.90% compared to the last 24 hours. It climbed from 2,100 TL to 2,130 TL under the quarter.
cryptocoin.com In this article, you can take a look at the current forecasts of market experts for CPI data.
Next Fed rate decision
The Fed rate hike target for the May 2023 meeting did not change much in response to the latest inflation data. According to the CME FedWatch Tool, the central bank can maintain a 25 basis point rate hike when the Federal Open Market Committee (FOMC) meets on May 2-3, 2023.
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