Tonight the CPI will be revealed, will the crypto market see a storm?
Tonight at 20:30, a series of important CPI data will be released in the United States, including the unadjusted annual CPI for June and the seasonally adjusted monthly CPI, along with a speech from a Federal Reserve governor.
CPI data, as a key indicator of inflation, has always been the focus of global financial markets. For the cryptocurrency market, its influence should not be underestimated. If CPI data exceeds expectations, indicating increased inflationary pressure, the Federal Reserve may maintain or even strengthen its tight monetary policy, raising interest rate expectations and strengthening the dollar. This will undoubtedly bring downward pressure to the cryptocurrency market, reducing investors' risk appetite and leading to capital outflows from the crypto space.
On the contrary, if the CPI data falls below expectations, indicating a relief in inflation, the market's expectations for the Federal Reserve to slow down interest rate hikes or even shift to easing will rise, and the cryptocurrency market is expected to welcome a wave of upward momentum.
Moreover, the subsequent speech from the Federal Reserve governor may also reveal signals regarding the direction of monetary policy, further disturbing the crypto market. Investors need to closely monitor tonight's data and speech and prepare in advance, as the direction of the crypto market may quietly be set by this information.
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