India, Aug. 15 -- A moderation in rate cut hopes following the higher-than-expected producer price inflation readings from the U.S. dragged down cryptocurrency prices. While markets continue to factor in a quarter percentage rate cut in September exuberant expectations of a higher level of easing by the Fed have somewhat sobered. Both Bitcoin and Ethereum are trading 4 to 5 percent below the all-time-highs.
Data released by the U.S. Bureau of Labor Statistics on Thursday morning showed headline producer prices as well as its core component rising 0.9 percent month-on-month in July versus the flat reading in June. The biggest increase in producer prices since June 2022 came in much higher than expectations of 0.2 percent.
The CME FedWatch ...