Deutsche Bank's report has somewhat dampened the recent 'hawkish panic' — speculation that there will be no rate hike this year is gaining the upper hand.

CoinWorld News: As the market lowers its expectations for a Fed rate hike, the U.S. dollar edged lower. Data on Thursday showed the Personal Consumption Expenditures (PCE) price index rose 0.4% month-on-month, below the 0.5% expected by economists. Deutsche Bank analysts said in a report that this "has dampened the narrative of a Fed rate hike that has been heating up in recent weeks." They noted that while Fed officials remain cautious about the inflation outlook, there is growing speculation that the Fed may not need to raise rates at all this year.