US Dollar Rebounds as Inflation Data Spurs Rate Cut Speculation, Risk on market mood still stands.

At time of writing Bitcoin has recovered from its slight decline this morning Tuesday March 11th bouncing from the $68,629 level currently sitting at around $71,360 as of time of writing.

Following today's data release, the US dollar has regained ground, edging back above the significant 103.000 psychological level. This movement coincided with a majority of crypto assets experiencing a slight pullback, as intraday selling pressure emerged post-market digestion of the higher inflation figures.

US inflation figures for February outperformed expectations, with the headline rate rising by 3.2% annually, while the core rate dipped marginally to 3.8% from January's 3.9%, yet still surpassing the anticipated 3.7%. On a monthly basis, core inflation surged by 0.4%, indicating robust economic activity comparable to January's levels.

The slightly stronger-than-anticipated US Consumer Price Index (CPI) report essentially solidified expectations that the Federal Open Market Committee (FOMC) in its upcoming meeting would refrain from cutting interest rates, given the persistent inflationary pressures. However, the moderation in core CPI to a 2-3/4 year low provided some support to market sentiments, fostering hopes that the Federal Reserve might consider rate cuts as early as June. Federal Reserve Chair Jerome Powell's recent testimony before the Senate indicated that the Fed is nearing confidence in initiating rate adjustments, suggesting potential future policy shifts.

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