Last minute! US Inflation Data Announced! What Was The Initial Reaction Of Bitcoin And The Dollar?

The first US inflation data of 2023 was announced.

US January inflation data has been announced and the incoming data is as follows:

Consumer price index 0.5% monthly expectation: 0.5%

Consumer price index 6.4% annual expectation: 6.2%

Core consumer price index 0.4% MoM: 0.4%

Core consumer price index 5.6% YoY forecast: 5.5%

Inflation data is the most important data in determining the final target of the FED for interest rate hike.

The FED reiterates at every opportunity that it is working to bring inflation to its 2% target. Although the inflation rates announced in the USA are still high, the gap with interest rates narrowed.. Interest rates in the USA are currently in the range of 4.5-4.75%.

While monthly inflation came in line with expectations, annual inflation came in above expectations.

Initial Reaction of Bitcoin and DXY

The first reaction of Bitcoin and DXY after the data from the USA is as follows:

Bitcoin/DXY

*Not Investment Advice.