Bitcoin traded near $79,500 on September 7, with market focus shifting to the upcoming U.S. economic data releases for August, including the Producer Price Index (PPI) and Consumer Price Index (CPI), as well as the 10-year Treasury auction scheduled for Wednesday. These events are closely watched as they occur just before the Federal Reserve's policy meeting on September 15-16. The August nonfarm payrolls report, released earlier, showed an increase of 162,000 jobs, with the unemployment rate unchanged at 4.1%. Following the jobs data, market expectations for a September rate hike rose to approximately 58%, according to market pricing. Economists surveyed expect the August PPI to rise 0.4% month-on-month, while core PPI is forecast to increase 0.3%. These inflation figures will provide additional context for the Fed's decision-making. The crypto market is monitoring these developments for potential directional cues.
Bitcoin was trading near $79,500 on September 7, with markets waiting on a big batch of U.S. economic data this week: the August Producer Price Index (PPI), the Consumer Price Index (CPI), and Wednesday’s 10-year Treasury auction. All of that lands just ahead of the Federal Reserve’s policy meeting on September 15-16.
In August, the U.S. added 162,000 nonfarm payrolls, and the unemployment rate stayed flat at 4.1%. After that report came out, market odds of a September rate hike climbed to about 58%. Economists are looking for headline PPI to rise 0.4% month over month and core PPI to increase 0.3%.
That data is expected to help shape the Fed’s next policy call. And the crypto market is watching closely for any spillover into risk assets.
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