updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Crypto market participants are bracing for US CPI inflation data today, with Bitcoin sliding more than 2% to below $69,500 ahead of the release. Oil prices’ rebound is keeping traders uncertain about market direction, as the US-Iran war narrative has turned into an oil crisis. Wall Street giants and the Kalshi prediction market expect CPI
The post Will Bitcoin Retreat? Wall Street, Kalshi’s US CPI Inflation Estimate as Oil Prices Rebound appeared first on CoinGape.
]]>PCE Inflation: Stock and crypto market traders wait for the release of the US Federal Reserve’s preferred inflation gauge PCE for further bullish cues. The U.S. Bureau of Economic Analysis to release the personal consumption expenditure (PCE) price index today and economists see PCE inflation slowing for a second consecutive month to 2.5% from 2.6%, making the FOMC to discuss interest rate cuts.
Federal Reserve officials have recently shared their dovish outlook on monetary policy, hinting at a pivot to rate cuts. The market expects the first rate cut by the U.S. Fed in September.
The PCE inflation is expected to cool further as per the latest analysis by economists. The market expects annual PCE to fall to 2.5%, down from 2.6% last month. Similarly, the annual core PCE inflation is projected to decrease to 2.5%, a new low since March 2021, from 2.6%.
In addition, the monthly PCE inflation is expected at 0.1% while the monthly core PCE is also anticipated to come in at 0.1%. Notably, the Federal Reserve’s latest economic projections estimated annual PCE inflation at 2.6% and the core rate at 2.8% for the current year.
Wall Street giants including JPMorgan, Morgan Stanley, Bank of America, Goldman Sachs, Nomura, and UBS have estimated a median forecast of 2.5% y/y and 0.1% m/m. Meanwhile, the banks estimate core PCE inflation to come in at 2.5%, in line with the market forecast. Also, the estimates point to US core PCE 3-month annualizing to 2%, reaching the target rate of the Federal Reserve.
Also Read: LUNC Delisting – Terra Classic Seeks Clarification From TFL CEO And eToro
According to Morgan Stanley, “Considerable progress on inflation allows the Fed to inch closer to rate cuts. Chair Powell should emphasize increased confidence.”
Morgan Stanley joined Goldman Sachs to predict three cuts this year starting in September. They expect Fed Chair Jerome Powell to continue indicating that the Fed is nearing a decision to lower rates, without committing to a specific timeline.
BTC price jumped 5% in the last 24 hours as the Bitcoin Conference fueled bullish sentiment. The price is currently trading over $67,300, with the 24-hour low and high of $63,473 and $67,466, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, the US dollar index (DXY) is moving near 104.38, with a further drop expected due to anticipation of Donald Trump’s win in the presidential election. Moreover, the US 10-year Treasury yield dropped to 4.244% today. As Bitcoin moves opposite to DXY and Treasury yields, the pressure is reducing.
Also Read: Bitcoin Conference – Donald Trump Refuses To Debate With Kamala Harris
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
DocuSign has given a strong guidance for the second fiscal quarter anticipating revenue of $675 million to $679 million.
On Thursday, June 8, e-signature provider DocuSign (NASDAQ: DOCU) reported strong earnings beating revenue estimates for the fiscal quarter ending April 30 (Q1 2024). In the aftermarket hours on Thursday, the company’s share price is trading 5% up moving past $61.
DocuSign Inc, based in San Francisco, California, is a company that provides electronic agreement management services. Their flagship product, eSignature, enables electronic signing on various devices as part of the DocuSign Agreement Cloud.
DocuSign reported Q1 2024 earnings at 72 cents per share against the 56 cents per share as per analysts of Refinitiv. Similarly, the company reported a revenue of $661 million against the expected $642 million. This shows that during the first quarter of fiscal 2024, DocuSign’s revenue surged by a healthy 12%. Interestingly, this double-digit growth comes at a time of uncertain macro environment.
DocuSign reported a 14% spike to $22 million in the “professional services and other” category, on a year-over-year period. The company’s net income stood at $539,000 against the $27.4 million net loss, a year ago.
Additionally, DocuSign also announced new products and services such as Webforms. Using Webforms, organizations will be able to create, manage and customize their own forms. Thus, it will help in exporting as well as analyzing the data collected.
Since the beginning of the year 2023, the DOCU stock has remained quite volatile underperforming the benchmark indices. However, these strong results might serve as a catalyst for the stock price to rally from here onwards.
DocuSign has a total of $1.4 million paying users more than 1 billion users as of April 30. The company emphasized on its international focus to investors and offers its service in more than 180 countries. DocuSign has registered 17% international revenue growth year over year.
According to Refinitiv, DocuSign anticipates revenue of $675 million to $679 million for the fiscal second quarter, surpassing analyst estimates of $667 million. For the entire fiscal year, the company predicts revenue ranging from $2.71 billion to $2.73 billion, exceeding analysts’ expectations of $2.7 billion.
Last quarter, DocuSign hired new executives for key positions in its leadership team. They appointed Blake Grayson as the new chief financial officer. Blake previously worked as the CFO at The Trade Desk and held finance roles at Amazon.
They also brought on Dmitri Krakovsky as the new chief product officer, who has previous experience at CP4, Google, SAP, and Yahoo. Additionally, Kurt Sauer joined as the new chief information security officer, having previously held the same role at Workday.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The CPI report published for November 2022 confirms the general perception that runaway inflation is finally easing out.
The eagerly-awaited consumer price index (CPI) for November 2022 came in less than expected, inching upward by 0.1% from the preceding month, compared to the expected 0.3%. In addition, the November 2022 CPI increased 7.1% year-over-year (YoY), short of the 7.3% that analysts were expecting.
The Labor Department also reported Tuesday that core CPI (excluding food and energy costs) increased 0.2% on the month and 6% annually. Meanwhile, analysts’ estimates had it at 0.3% on a monthly basis and 6.1% annually.
The increase in CPI from a year ago sits well above the Federal Reserve’s healthy inflation level target of 2%. However, this increase also tied for the lowest since November last year. Furthermore, there was an 0.5% monthly increase in workers’ inflation-adjusted average hourly earnings. Despite this increase, hourly wages for workers remain down 1.9% from a year ago.
Stocks initially surged following the November CPI report, with investor confidence brimming on apparent signs that runaway inflation is receding. For instance, the Dow Jones Industrial Average (DJIA) futures climbed an initial 800 points before lessening. By the end of the session, the rally had cooled off entirely, with the Dow up only 50 points around 2:30 pm Eastern Time yesterday.
Commenting on the positive optics brought about by the latest CPI report, and how it pertains to inflation, Navy Federal Credit Union corporate economist Robert Frick explained:
“Cooling inflation will boost the markets and take pressure off the Fed for raising rates, but most importantly, this spells real relief starting for Americans whose finances have been punished by higher prices…This is especially true for lower-income Americans who are disproportionately hurt by inflation.”
The reduced intensity of inflationary pressure added a spring to workers’ purchasing power following months of wage increases playing catch up to inflation.
The November 2022 CPI report arrived the same day the Federal Open Market Committee’s pivotal two-day meeting began. Before the Fed announced the latest CPI data, market observers widely expected the FOMC to announce a 0.5 percentage point rate increase Wednesday.
The Fed had previously hinted at increasing rates at reduced intensity due to signs of ebbing inflation and to also avert a recession. North American Capital Economics economist Paul Ashworth agrees with the FOMC that inflation is on the decline. He also pointed out that the signs of waning inflation are more pronounced now than ever. According to Ashworth, “The Fed could dismiss the better-than-expected October as just one month’s data, but the further slowdown in November makes this new disinflationary trend harder to dismiss.”
Inflation spiked in the spring of last year due to a combination of factors that saw prices soar to levels not seen in 40 years. Significant causative factors for this inflationary run include the war in Ukraine and a Covid-induced supply and demand imbalance.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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