The cryptocurrency market awaits the U.S. CPI inflation data for May, which will be released on June 11. This is significant considering the impact that this macro data has on the market.
Inflation data that meets or falls below expectations tends to be optimistic, as it could motivate the Fed to lower interest rates. Rate cuts usually inject more liquidity into the market, which is positive for the price of Bitcoin and other cryptocurrencies.
MarketWatch data shows that experts predict the CPI will be at 0.2% month-over-month and 2.5% year-over-year. On the other hand, core CPI is expected to be at 0.3% month-over-month and 2.9% year-over-year.
The release of the U.S. CPI data will take place after the country's employment data, published on June 6. The U.S. economy created 139,000 jobs last month, exceeding the expected 130,000. Meanwhile, the unemployment rate remained stable at 4.2%.
This led U.S. President Donald Trump to call for a 100 basis point cut in the Fed's interest rates before the June FOMC meeting. However, good employment data usually motivates the Fed to keep rates stable, as it indicates that the U.S. economy is healthy and that monetary easing is unnecessary.
