Canada's consumer prices rose 2.3% y/y in March, below estimates of 2.7%, and down from 2.6% in the previous reading.

Core prices, excluding food and energy, rose 2.2%, below estimates of 2.7%, and down from 2.7% in the previous reading. 

Bitcoin rose on Tuesday on track for the second straight profit in a row, heading for multi-week highs on positive sentiment as major corporations continue to raise their holdings of bitcoin.

America’s MicroStrategy raised its bitcoin holdings to a new record high, underpinning its institutional appeal and status.

The Price

Bitcoin rallied 1.7% today to $86,000, with a session-low at $84,353.

On Monday, bitcoin rallied 1.1%, the third profit in four sessions as the risk appetite improved worldwide.

Crypto Market Value

The market value of cryptocurrencies rose by $35 billion on Tuesday to $2.804 trillion.

MicroStrategy

Through the X Platform, MicroStrategy chairman Micheal Saylor announced a new round of bitcoin purchases amounting to 3459 units.

The purchase occurred between April 1 and 13, with the company spending $285.78 million overall, averaging $82,618 per unit.

Following the new acquisition, the company’s total bitcoin holdings amount to 531,644 units, averaging $67,619 per unit, with a total current value of $35.95 billion.

The US dollar rose in European trade on Tuesday against a basket of major rivals, holding above three-year lows and on track for the first profit in four days on short-covering. 

Several Fed officials expressed increasing concerns about Trump’s tariffs and their impact on the economy, and hinted at the necessity of maintaining rates unchanged until the dust clears.

The Index

The dollar index rose 0.35% today to 99.98, with a session-low at 99.48.

On Monday, the index lost 0.15%, the third loss in a row, hitting a three-year nadir at 99.01.

Fed Remarks 

Federal Reserve official Christopher Waller wanted that recession risks outweigh inflation risks, and if current average 25% tariffs continued, inflation could hit a peak of 5%.

Atlanta Fed President Raphael Bostic also warned from ongoing uncertainty due to tariffs and other policies that could push the economy into recession.

Fed Rates

According to the Fedwatch tool, the odds of a Fed 0.25% interest rate cut in May stood at 17%.

The odds of such a cut in June stood at a much bigger 73%.

Now investors await important US data and additional remarks by Fed officials to gather more clues on the future of monetary policies.

Gold prices rose in European trade on Tuesday, resuming gains and approaching record highs as haven demand spikes.

The precious metal is holding its ground above the historic $3200 barrier amid uncertainty about US President Donald Trump’s tariff plans.

The Price

Gold prices rose 0.7% today to $3232 an ounce, with a session-low at $3210.

On Monday, gold lost 0.85% on profit-taking, the first such loss in four sessions, moving away from a record high at $3245. 

Trade Developments 

US President Donald Trump exempted cell phones, computers, chips, and other electronics from his reciprocal tariffs, removing the pressure on tech companies. 

Federal Reserve official Christopher Waller wanted that recession risks outweigh inflation risks, and if current average 25% tariffs continued, inflation could hit a peak of 5%.

Atlanta Fed President Raphael Bostic also warned from ongoing uncertainty due to tariffs and other policies that could push the economy into recession.

According to the Fedwatch tool, the odds of a Fed 0.25% interest rate cut in May stood at 17%.

The odds of such a cut in June stood at a much bigger 73%.

SPDR

Gold holdings at the SPDR Gold Trust remained unchanged yesterday at 953.15 tons, the highest since September 20, 2022.