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Inflation Reaches 40-Year High: How Will This Affect Bitcoin Prices? - Dailyforextrading

assetsfx.com

Inflation Reaches 40-Year High: How Will This Affect Bitcoin Prices? - Dailyforextrading

Headline U.S. inflation figures hit a multi-decade high last month, exceeding the expectations of multiple analysts.

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The Consumer Price Index for All Urban Consumers (CPI-U) climbed 9.1% during the year through June before seasonal adjustment, Bureau of Labor Statistics data shows.

This result surpassed the 8.8% figure predicted by Reuters and Dow Jones polls and represented the highest reading for this 12-month measure of inflation since November 1981.

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The strength of this consumer price data could make it easier for Federal Reserve policymakers to continue their plans to aggressively hike the federal funds rate, which in turn affects broader borrowing costs.

EURO’S SLIDE TOWARDS DOLLAR PARITY REFLECTS A HEAVIER HIT FROM UKRAINE WAR

In June, the central bank increased this benchmark rate by 75 basis points, which represented the largest change in 28 years. This move came after Fed policymakers raised the federal funds rate 50 basis points in May and 25 basis points in March.

Bitcoin Headwinds

Should the financial institution continue in this direction, it could place downward pressure on bitcoin prices by fueling dollar strength. Further, higher interest rates could reduce demand for digital currency by making interest-bearing securities more appealing. Source: Forbes

 

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