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Ethereum inches down amid weak risk appetite before Trump's deadline
AI Summary
- Most major cryptocurrencies, including Ethereum, declined amid weakening risk appetite in financial markets before Trump's trade agreement deadline
- US government data showed stable inflation and rising employment costs, with investors awaiting nonfarm payrolls report for further clarity on Federal Reserve's monetary policy outlook
- President Trump announced an agreement with Mexican President Claudia Sheinbaum to extend trade negotiation deadline by 90 days, citing ongoing discussions complexity
Most major cryptocurrencies declined on Thursday amid weakening risk appetite in financial markets, as the deadline set by President Donald Trump to finalize new trade agreements draws near.
US government data revealed that the core Personal Consumption Expenditures (PCE) price index — the Federal Reserve’s preferred inflation gauge — remained stable at 2.8% year-over-year in June.
Additional data showed that the US Employment Cost Index rose by 0.9% in the second quarter, surpassing expectations of a 0.8% increase.
Meanwhile, initial jobless claims rose by only 1,000 to 218,000 in the week ending July 26, compared to an unrevised 217,000 the previous week. Analysts had expected a rise to 222,000.
Investors are now awaiting Friday’s nonfarm payrolls report for further clarity on the Federal Reserve’s monetary policy outlook.
The market is also closely monitoring the August 1 deadline set by President Trump to conclude trade negotiations before new tariffs are imposed.
Earlier today, President Trump announced an agreement with Mexican President Claudia Sheinbaum to extend the trade negotiation deadline by an additional 90 days, citing the complexity of ongoing discussions between the two countries.
On Wednesday, Trump issued a series of tariff-related decisions targeting copper imports and goods from Brazil and South Korea, just ahead of the August 1 deadline for raising US tariffs.
Ethereum
As of 21:08 GMT on CoinMarketCap, Ethereum (ETH) was down 1.3% at $3,725.8.
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