The European Central Bank is set to deliver its verdict this Thursday at 2:15 PM, with a 25 basis point rate hike to 2.50% widely anticipated as eurozone inflation rebounded to 3.3% year-on-year in August from 2.9% in July, driven by energy prices. In the United States, the Producer Price Index (PPI) released in the same timeframe (2:30 PM Paris time) is expected to reach 5.3% annually, up from 4.7% in July, as energy prices rebounded following Brent crude crossing $100 per barrel on September 9. Markets are bracing for renewed inflationary pressure on both sides of the Atlantic, after the US August jobs report already surprised with 162,000 positions created versus 55,000 expected. Bitcoin remains vulnerable to these macroeconomic releases, having lost 2% within minutes after the last US employment report. Friday’s US CPI and the Fed meeting on September 15-16 will be the next milestones in this inflation saga.
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