US Inflation Figures Announced

Consumer inflation (CPI) for February in the US was 6 percent annually, in line with expectations. Core inflation was 5.5 percent annually and 0.5 percent monthly. Monthly inflation was 0.5 percent.

Economists had expected a 0.4 percent monthly and 6 percent annual increase in the CPI for February. Core inflation was expected to come in at 5.5 percent compared to a year earlier. In January, the CPI rose 0.5 percent monthly and 6.4 percent annually.

Inflation figures are considered perhaps the most decisive factor for the Fed’s interest rate decision before the SVB collapse.

According to traders’ forecasts, the probability that the US Federal Reserve (Fed) will raise the policy rate by 25 basis points at its monetary policy meeting in March exceeded 80 percent, while the probability of holding it constant decreased further.

FIRST REACTION OF GOLD AND THE DOLLAR

Following the data, gold prices rose slightly as a first reaction. The price of an ounce of gold, which was at the level of $1,906 before the data, was at $1,910 at 15.45 TSI. The gram of gold traded at 1161 TL.

While the dollar index remained flat at 103.83, the euro/dollar parity held its course at 1.073.

RISE OF BITCOIN AND EXCHANGES

Bitcoin, which was at $24,730, rose above $26,000 after the data release. After Bitcoin, it traded at 25,900 levels.

As of 15:45 CET, Dow Jones Index futures contracts were up 0.79 percent, while S&P 500 Index futures were up 0.97 percent. Nasdaq 100 Index futures rose 0.91 percent.