Key Summary

Eurozone August preliminary headline CPI came in at 3.3% y/y, matching consensus but accelerating sharply from 2.9% in July, while core eased to 2.4% versus 2.5% expected and 2.5% prior. The in-line headline with a softer core keeps the ECB anchored on hold rather than pushing it toward tightening, which caps upside in front-end euro rates and leaves EUR/USD more dependent on the dollar leg — a mildly supportive setup for DXY and therefore a modest headwind for BTC and ETH dollar beta. Watch the full breakdown for services and energy contributions: if the headline jump proves energy-driven while core keeps drifting below 2.5%, the disinflation narrative and risk appetite stay intact, whereas sticky services would force a repricing of ECB cut odds.