Market News 10/8
🔥Today traders await the release of the US inflation data (CPI) at 15:30 MT time. This release will shape investor expectations for further Federal Reserve interest-rate hikes. A high CPI will reinforce the need for the Fed to keep raising rates and push the USD up.
🗣Chicago Fed President Charles Evans and his Minneapolis counterpart Neel Kashkari will speak today. Their comments might add volatility to the USD pairs.
🤷♂️Elon Musk sold $6.9 billion of shares in Tesla Inc., the billionaire’s biggest sale on record, saying he needed cash in case he is forced to go ahead with his aborted deal to buy Twitter Inc. If the Twitter deal isn’t closed, Musk plans to buy Tesla back.
⬇Coinbase posted a record $1.1 billion second-quarter loss and lower-than-expected revenue as the largest US cryptocurrency exchange was battered by tumbling digital-asset prices. The stock dropped about 5% after the close of regular trading.
📉Bitcoin erased its recent rally. BTCUSD dropped from Monday's high above 24 000 to 22 650. Further moves of BTC will depend on the US CPI release as well: a high number will deepen the decline and vice versa.
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