The annual rate of the US unadjusted CPI in May was 3.3%, lower than the expected 3.40% and the previous value of 3.40%.
This is good news, which means that inflationary pressure has eased, which may prompt the Fed to slow down the pace of interest rate hikes.
The impact on the market may be as follows:
1. Lower-than-expected CPI data is usually regarded as good news, which may stimulate bullish sentiment and drive the stock market and cryptocurrency market higher.
2. Market sentiment may be boosted, and Bitcoin bulls may launch a counterattack to compete for the 70K target.
3. In this context, the market may see a short-term rise, and investors can pay attention to key support and resistance levels to find a suitable buying point.
Overall, the lower-than-expected CPI data provides a positive signal for the market, and it is expected to see an increase in bullish sentiment and upward pressure on prices in the short term.
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