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Two important things happened in the financial market last week. First, the US published encouraging consumer price index data. According to the Bureau of Labor Statistics , the headline inflation dropped to 3.0% in June while core inflation dropped to 4.8% during the month.Therefore, risky assets like stocks rose as investors assessed the potential actions of the Federal Reserve.
Before these numbers, most analysts were expecting the Fed to hike rates two more times this year. Now, I believe that the bank will deliver one more hike and then take a strategic pause. The other important event was the decision by a US judge to offer a partial victory to Ripple Labs. In her ruling, the judge said that the company and its executives violated American laws when they raised money in 2013. That ruling will attract a huge fee to the parties.suffered a major defeat in the crypto industry.
Bitcoin was not a party in this litigation since all regulators believe that the coin is not a security. Instead, the CFTC and the SEC believes that it is a digital commodity. However, the ruling provided some relief to traders, which pushed the fear and greed index to the highest level in months.The BTC/USD pair has been in a tight range in the past few days. It initially jumped to 31,856 last week after the US inflation data and the Ripple Labs ruling.
Therefore, the outlook of the pair is neutral with a bearish bias since it has formed a flag pattern.
United States Latest News, United States Headlines
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