Although Bitcoin rose above $ 38,000, it could not hold on there for long and fell back to $ 37,700.
While BTC was preparing for the monthly closing, data on Personal Consumption Expenditures (PCE), which is closely followed by the FED when making interest rate increase decisions and is considered a leading inflation indicator, was announced.
Accordingly, all data announced regarding personal consumption expenditures in October are as follows:
Core Personal Consumption Expenditures Price Index (Annual) Announced 3.5% – Expected 3.5% – Previous 3.7%
Core Personal Consumption Expenditures Price List (Monthly) Announced 0.2% – Expected 0.2% – Previous 0.3%
Personal Consumption Expenditures Price Index (Annual) Announced 3% – Expected 3% – Previous 3.4%
Personal Consumption expenditures Price Index (Monthly) Announced 0.0% – Expected 0.1% – Previous 0.4%
Apart from the data on personal consumption expenditures, data on Unemployment Benefit Applications were also announced.
Applications for Unemployment Benefits: Announced- 218k Expected- 220k Previous- 209k
First reaction of Dollar and Bitcoin:
What is Core Personal Consumption Expenditures Price Index? What is the Effect on Price?
Core Personal Consumption expenditures (PCE) determine the rate of inflation experienced by consumers when purchasing goods and services other than Food and Energy.
Currency traders observe the Core PCE Price List as the Reserve Bank’s preferred consumer inflation indicator.
PCE differs slightly from CPI in that it only identifies services and goods that are consumed and targeted separately. The Nutrient and Energy calculation is roughly 25% of PC Ent, but these can vary greatly from month to month and can distort the whole picture. Like the CPI, it reflects price changes in consumer goods and services. By excluding the variable components, PCE would be a better indicator under the inflationary slope. (investing.com)
*This is not investment advice.
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