Urgent: Cryptocurrencies Rise After Inflation Data…Why?

The Bureau of Labor Statistics of the US Department of Labor announced the consumer price index (inflation) for April, and the index increased monthly by 0.3% and 3.4% on an annual basis. This increase was in line with expectations, while the monthly rate was lower. than experts' expectations of 0.4%.

This data was in the markets' interest, as Wall Street index futures rose in pre-opening trading, Bitcoin rose 3%, and gold and silver rose to as the US dollar index fell.

Increases are expected with a return Rate cut expectations By the US Federal Reserve at the dialogue table, after some expected monetary tightening and interest rates to continue at their highest for a longer period after 3 months of... Inflation data Hotter than expected.

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Inflation data details

Increased Consumer price index On an annual basis for the month of April, it increased by 3.4%, in line with expectations, and recorded in April, 3.5%, which reveals a slowdown in the pace.

The main measure of inflation also rose 0.3% in April on a monthly basis, lower than experts' expectations of 0.4%. While the March reading recorded 0.4%.

While the core consumer price index (excluding food and energy) recorded an annual rate of 3.6% in April, while that of March recorded an increase of 3.8%. On a monthly basis, it recorded an increase of 0.3% in February and that of March recorded an increase of around 0.4%.

Gold and dollar prices now

Gold futures rose 0.6% to $2,373 an ounce. While spot gold contracts rose 0.4% to $2,368 an ounce. On the other hand, the dollar index fell to 102.515 points, or 0.35%.

Cryptocurrency prices after inflation data

Cryptocurrency Prices Rise After Inflation Data, As Recorded Bitcoin An increase of 3.55%, and the price of... Ethereum 1.9%, the price of the currency also increased Solana By 1.49%, the currency increased Ripple By 0.32%.