The CPI data came out at 8.2, higher than the expected increase of 8.1, indicating higher than expected inflation. The Fed’s recent announcement to raise interest rates in response to inflation is in line with predictions of two more basis point hikes of 75 points. The DXY is trending upwards while Bitcoin is retesting its line of resistance, and if it breaks below it, the market could be negatively affected. However, dollar cost averaging and trading volatility remains profitable, and there are links in the description to bonuses for leverage trading platforms. The next CPI data reading is due on November 10.
Quick Update: CPI Data Out
All right guys, a quick update for you: we have had the CPI data come out just around 20 minutes ago. I wanted to bring you this update as quickly as I possibly could, so let’s jump into it.
Inflation Higher Than Expected
Sadly, the CPI data is 8.2%. We spoke about this in an earlier video where the market was expecting an 8.1% increase. We got a 0.1% higher than expected inflation, again.
Expected Continuous Interest Rate Hikes
Now, we were talking about this earlier in the video, but we did get some news from the FED in their fed minutes that they were expected to continually raise interest rates for the foreseeable future until they get ahead of inflation. In my opinion, this sees us at two more basis point hikes of 75 points.
Charts Playing Out
Exactly what we were expecting, but how exactly did the charts play out on this? DXY trending upwards, which is of course what we could have expected. Bitcoin right now, as we speak, testing again, retesting our descending line of resistance.
Opportunity for Trading Volatility
What we have here again is still our opportunity for trading volatility and making the best out of this situation. Dollar cost averaging into things that we believe in is still number one in my eyes. Of course, we could go much lower from where we are right now, but dollar cost averaging will make you average the best price.
Access to Demo Accounts for Trading Platforms
There are links down there in my description to over $12,000 worth of bonuses for these platforms where you can do leverage trading. But please only do it if you are an experienced trader. In fact, Bitget right now does have access to a demo account, so if you sign up, you can make the best of their bonuses and start trading on their demo account until you yourself are ready for or risking real money because the risks are, of course, real.
CPI Data Reading Forecasted
Anyway, that is my quick update just in case you’re wondering what the CPI data was. There you have it: it’s 8.2%. We gotta wait idly until November 10 when we find out the next CPI data reading, which I’m sure is going to still be worse than what the analysts predict.