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Bitcoin holds near $64,000 as cooling US PPI boosts risk appetite
July US PPI rose 0.2% month on month and 4.7% year on year, slightly below expectations, helping push CME FedWatch odds to 65.6% for a September rate hold.
Bitcoin edged higher on Thursday, moving away from weekly lows and trading around $63,900, as risk assets gained following a cooling US Producer Price Index print. Cointelegraph said BTC/USD was up about 0.5% with volatility described as broadly absent, based on TradingView data.
The July US PPI was unchanged month on month at 0.2% and increased 4.7% year on year versus an expected 4.9%, according to Bureau of Labor Statistics figures cited in the report. The BLS release attributed offsetting moves to final demand services rising 0.2% and final demand construction increasing 2.2%, while final demand goods fell 0.7%, with falling gasoline and energy prices providing the biggest relief, Econoday noted.
According to Cointelegraph, US stocks also rose at the Wall Street open as the PPI data reinforced market bets that the Federal Reserve could pause rate hikes. The S&P 500 was up 0.87% and the Nasdaq Composite gained 0.94% at the time of writing.
Cointelegraph further cited CME Group’s FedWatch Tool showing 65.6% odds that the Fed would keep the target rate in the 3.50% to 3.75% range at the September FOMC meeting. It also referenced Cleveland Fed President Beth Hammack questioning whether additional cooler data would be sufficient to bring inflation to the Fed’s 2% goal, given the possibility it could take multiple more years.
Latest closeGasoline (RBOB) $2.882 ▼8.1%|Bitcoin $63,394.56 ▼0.0%|S&P 500 7,748.50 ▲0.3%