On Wednesday and Thursday of this week, the statistics related to three key indicators, including the consumer price index, producer price index and unemployme insurance claims will be announced in the United States, each of which can have a significa impact on determining the direction of the digital currency market for the coming days.
According to CoinDesk, the annual inflation rate of the United States fell to 4% last moh, and apparely since the announceme of the previous rate, inflation in this coury has been decreasing. Meanwhile, it seems that the Ceral Bank of America iends to increase the bank ierest rate again at the end of this moh (July 26/August 4) after a stabilization period.
The inflation rate or consumer price index (CPI) for the moh of June in the United States is scheduled to be announced tomorrow at 16:00 Tehran time. The producer price index (PPI) will be announced one day after that, on Thursday of this week.
The rate of deflation in this period could have a direct impact on the Federal Reserve’s decision to raise or not raise ierest rates at the end of July, and digital currency investors are also waiting to see rates that can justify not raising ierest rates for the second consecutive period.
The approach of the Ceral Bank of America in tightening its policies has been successful so far and has increased the inflation rate in this coury from 9% in August 2022 to 4% in May of this year. Of course, recely, economic experts have expressed concern about the fact that the coinuation of this trend can lead to the formation of a severe recession in the economy in the United States.
1. Consumer Price Index
The consumer price index in the US has been falling steadily since reaching its peak last year. Economic experts generally agree that the CPI of this period will probably be a little more than 3%. Edward Moya, the senior analyst of Oanda, also expects the inflation rate of this period to be 2.8%.
He also meioned the core inflation rate (Core CPI) and said that this index, in which food and energy costs are not taken io accou, can remain high under the influence of rising prices in the housing market.
Aoni Trenchev, the founder of Nexo Group, also recely said in a comme that if the inflation rate (CPI) for the moh of June in the United States is announced lower than expected in the coming days, Bitcoin could reach $35,000. to grow and otherwise, if the announced rate is higher than expected by experts, it may return below $30,000.
2. Producer price index
The producer price index measures price changes at the wholesale (production) level that consumers will typically face in the future. US PPI fell to 1.1% in May, which was lower than 2.2% in the previous moh and 1.5% expected. Now the consensus of experts is that this rate for June will probably be announced at 0.4%.
3. Claims for unemployme insurance in the United States
On Thursday, statistics related to unemployme insurance claims in the United States for the week ending July 8 (July 17) will also be published. Recely released data pais a differe picture of the US labor market. According to the statistics announced by the “ADP” research ceer, the private sector in the United States created nearly half a million new jobs in June, which is twice as many as expected by experts.
These strong and unexpected results support the coinuation of coractionary monetary policies by the US ceral bank. A strong labor market means that the coury’s economy is growing and usually leads to higher prices (inflation growth) in the future.
The slight increase in unemployme insurance claims from the previous period and the average non-farm payrolls in June somewhat coradicted the strong private sector employme results. Now, if we see an increase in claims related to unemployme insurance on Thursday, this opposition will become stronger.
