How the July CPI Report Might Impact Bitcoin and Market Outlook
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The US Consumer Price Index for July is due August 12 with economists forecasting annual inflation easing to 3.4% from June's 3.5%, and a softer print would likely be the most bullish outcome for Bitcoin and crypto markets. Markets trimmed Fed rate-hike odds after a weak July jobs report, but a hotter-than-expected CPI could revive rate-hike expectations and weigh on Bitcoin and risk assets, posing short-term market risk for crypto.
Predictions Markets
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- The Consumer Price Index (CPI) report for July is set to be released on August 12.
- A lower-than-expected CPI report would likely be the most bullish outcome for Bitcoin.
- Hot inflation reviving Fed rate hike expectations would weigh heavily on Bitcoin.
The United States Consumer Price Index (CPI) report for July is set to be released on Wednesday, August 12. Economists expect the yearly inflation figure to ease slightly to 3.4%, down from the 3.5% recorded in June.
Following a weak July jobs report, markets have dialed down expectations for another Fed rate hike, giving risk assets and Bitcoin a boost. However, this Wednesday’s CPI report could lock in that dovish view, or reverse it in a flash.
Soft CPI – Potential Bullish Bitcoin Setup
If the CPI report turns out noticeably lower than expected, that would likely be the most bullish outcome for Bitcoin.
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