Bitcoin price today recovered above $67,000, with MTGOX holding only $5 billion in assets. After billions in returns, the leading cryptocurrency continues to focus on the $70,000 target but needs more closures at higher levels. Now, the PCE data has been released.
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On the last day of July, the Fed will announce its interest rate decision. This meeting is expected to show a clearer stance on the anticipated rate cut in September, with rates remaining unchanged. The personal consumption expenditures (PCE) data, a key indicator for the current state of the US economy, was one of the most important events of the week and has now been released.
The PCE, an inflation indicator monitored by the Fed, is released following the recent recovery in US stock markets. The importance of the PCE data increased after yesterday’s high GDP data.
- PCE (Annual) Announced: 2.5% (Expectation: 2.4% Previous: 2.6%)
- Core PCE (Annual) Announced: 2.6% (Expectation: 2.5% Previous: 2.6%)
The PCE data came in above expectations, indicating that the Fed might make cautious statements next week. The latest data for cryptocurrencies could result in short-term negativity.
