Headline inflation is likely to rise given the spike in gasoline prices, but core inflation is likely to cool. Unless the above two data significantly exceed or fall short of expectations, the market reaction should be mild. On the other hand, markets will be watching for signs of slowing consumer spending as Americans contend with rising energy prices, rising debt levels and waning confidence. The USD DXY Index has now hit resistance levels and if there is some retracement, it would be good news for the cryptocurrency market.

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