1 month ago
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Key Takeaways
- Bitcoin is holding key daily support.
- $67,200 remains the main resistance zone.
- PPI might decide which level breaks first.
The macro backdrop shifted yesterday after US CPI eased to 3.4% in July from 3.5% in June. Core inflation slipped to 2.5%, while monthly headline and core prices rose 0.1% and 0.2%, respectively.
Attention now turns to producer prices, where the inflation picture looks less settled.
PPI Is the Next Test After Softer CPI
The Bureau of Labor Statistics will release July PPI at 8:30 a.m. ET. Consensus points to a 0.2% monthly rise in headline prices after June’s 0.3% decline, with core PPI seen increasing 0.3%. On an annual basis, headline inflation is forecast to ease to around 4.9% from 5.5%.
The softer CPI reading took some pressure off the case for another near-term Fed hike, but several large institutions...
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