Inflation concerns rising, Crypto markets take an eraser to Daily Gains

Q prepares for the new week ahead with a remark that US month-on-month CPI inflation has returned at a record 40-year-high.

Recent data also marks an eye-watering 6.8% rise in the official US inflation rate.

Meanwhile, the US Federal Reserve continues to admit, they "got it wrong". 

As CNBC reports it, Powell told US lawmakers that "it's probably a good time to retire that word (transitory) and try to explain more clearly what we mean". 

One can only imagine the financial stress this is starting to cause most households as everything around them rises in value - except for their wages. 

Have you felt the sting of inflation recently? Leave a comment, Q would love to know 👇

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Furthermore, US President Joe Biden has signed off on raising the debt ceiling again to quote "maintain a strong economic recovery and growth prospects". 

The latest bipartisan development from the US Capitol paves the way to raise the national debt limit. In addition, it is instrumental in avoiding an unprecedented debt default, as reported by Reuters.

Unsurprisingly, the US stock market and Bitcoin ($BTC) rallied higher off the back of this data reveal while the US Dollar Currency Index ($DXY) cooled off. However, quite surprisingly, traditional inflation hedges such as gold and silver have hardly moved. 

At present, it is crucial to note that cryptocurrency appears to have forfeited these short-lived gains throughout today's Asian market trading session. 

Q examines the major US index charts in conjunction with an analysis of US Dollar currency strength below...

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