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Deythere > News > News > U.S. PCE Data Released: How Did Bitcoin (BTC) and the Dollar React?
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U.S. PCE Data Released: How Did Bitcoin (BTC) and the Dollar React?

impact of U.S. PCE inflation data on Bitcoin BTC and the U.S. dollar DXY. The image features the B
Emiliano Trejo
Last updated: September 27, 2024 12:48 pm
By
Emiliano Trejo
Published September 27, 2024
2 Min Read
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Bitcoin (BTC) surged past $65,000 following the Federal Reserve’s 50 basis point interest rate cut last week. As October, historically a bullish month for Bitcoin, begins, analysts expect further gains for the leading cryptocurrency. Today, the U.S. Personal Consumption Expenditures (PCE) data, a key inflation indicator closely watched by the Fed when making interest rate decisions, was released. Here are the key figures for August:

Contents
  • August PCE Data Highlights:
  • Initial Reactions of Bitcoin (BTC) and the Dollar (DXY)
  • Rate Cut Expectations Remain High

August PCE Data Highlights:

  • Core PCE Price Index (YoY): Released at 2.7% (expected: 2.7%, previous: 2.6%)
  • Core PCE Price Index (MoM): Released at 0.1% (expected: 0.2%, previous: 0.2%)
  • PCE Price Index (YoY): Released at 2.2% (expected: 2.3%, previous: 2.5%)
  • PCE Price Index (MoM): Released at 0.1% (expected: 0.2%, previous: 0.2%)

Initial Reactions of Bitcoin (BTC) and the Dollar (DXY)

Both Bitcoin and the U.S. dollar saw immediate reactions to the release of the PCE data. While the inflation figures came in largely as expected, Bitcoin’s recent bullish momentum was further fueled, as the market expects continued Fed easing. Meanwhile, the dollar index (DXY) saw a slight pullback.

Ekran Resmi 2024 09 27 15.31.17 Ekran Resmi 2024 09 27 15.30.56

Rate Cut Expectations Remain High

With the Fed’s first rate cut already implemented, all eyes are on the next meeting in November. According to CME’s FedWatch, the likelihood of a 25 basis point rate cut stands at 51.2%, while a 50 basis point cut is priced at 48.8%. Analysts predict that the Fed may implement one or two more rate cuts before the end of 2024.

Bitcoin price reaction to PCE data, Fed rate cut expectations, U.S. inflation and crypto market, DXY response to PCE report, Bitcoin market sentiment

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ByEmiliano Trejo
Emiliano Trejo has spent the last 9 years immersed in the world of blockchain and cryptocurrencies, becoming a prominent figure in the industry. With a background in economics and a keen interest in decentralized systems, Emiliano has contributed to several groundbreaking projects, including the development of blockchain-based financial products and services. His expertise lies in the intersection of blockchain technology and economic models, where he excels in creating innovative solutions that leverage the benefits of decentralization. At DT NEWS, Emiliano shares his deep knowledge of the global cryptocurrency market, offering insights that help readers understand both the technical and economic implications of blockchain innovations.
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