The Japanese yen remained close to the key 160 level against the US dollar, according to recent market indicators. Bitcoin closed at new monthly highs into Sunday’s weekly close, driven by anticipation of upcoming US inflation reports.
US Consumer Price Index (CPI) and Producer Price Index (PPI) are scheduled for release in early August. The CME Group provides a Fed Watch Tool, which shows a 56% chance of the Federal Reserve pausing interest-rate hikes at its September meeting. This cautious stance is expected to influence market sentiment towards Bitcoin.
The Japanese yen has weakened from levels close to 160 but has since fluctuated again, closing near the 158.50 level. CryptoQuant contributed insights into this movement, with analysts like Andrew Kamsky analyzing Bitcoin accumulation trends.
Written by Kate Hollinsworth
Economics Desk
