As an experienced financial analyst, I’ve closely followed the recent developments in both traditional markets and the crypto space. The past weekend showed a relatively flat performance from crypto markets, with no significant recovery from last week’s $300 billion crash. This lackluster performance is concerning, especially as investors keep a watchful eye on key economic indicators like this week’s Consumer Price Index report.
As a crypto investor, I’ve noticed that the market has remained stagnant over the weekend, failing to regain any ground lost during last week’s devastating $300 billion downturn.
This week’s Consumer Price Index report is a significant inflation gauge, which investors will attentively monitor. Its findings could provide valuable insights into the economy’s recovery trajectory.
Economic Calendar June 8-12
This week, Federal Reserve Chair Jerome Powell is scheduled to appear before both the Senate and the House on Tuesday and Wednesday, with the main topic of discussion being monetary policy.
Last week, the central bank chief acknowledged some advancement in reducing inflation but expressed uncertainty among policymakers about initiating rate cuts yet.
As a researcher observing recent economic trends, I’ve noticed some encouraging signs that could influence the Federal Reserve’s decision at its next meeting. Last week, there were indications of a softening labor market and decreasing wage growth. These developments have boosted investor faith in the possibility of a rate reduction in September.
On Thursdays, the highly anticipated June Consumer Price Index (CPI) report is unveiled. This important economic indicator, one of two primary measures of inflation in the US, sheds light on shifting price patterns. The Federal Reserve closely examines this data to inform its monetary policy choices.
Key Events This Week:
1. Fed Chair Powell Testifies – Tuesday
2. OPEC Monthly Report – Wednesday
3. June CPI Inflation data – Thursday
4. June PPI Inflation data – Friday
5. Michigan Consumer Sentiment data – Friday
6. Total of 9 Fed speaker events this week
Buckle up for…
— The Kobeissi Letter (@KobeissiLetter) July 7, 2024
As an analyst, I’m looking forward to the unveiling of the Producer Price Index (PPI) report for June on Friday. This index reflects the price changes in the production of goods at the manufacturer level. The resulting figures have a direct influence on retail prices and act as crucial indicators of inflationary pressures that are closely monitored by policymakers.
As a researcher, I’m eagerly anticipating the release of the Consumer Sentiment Index and Consumer Inflation Expectations data by University of Michigan’s Survey Research Center this Friday. These valuable surveys offer unique insights into consumer confidence levels and their long-term perspectives on inflation trends.
This week, besides the release of economic data, several significant banks in the country will unveil their second-quarter earning statements.
Crypto Market Impact
Regrettably, cryptocurrency markets have faced intense selling due to Mt. Gox redemptions and the German government’s actions.
As a crypto investor, I woke up to disappointing news on Monday morning. The total value of all cryptocurrencies had taken a hit, decreasing by 3.4% to reach a staggering $2.14 trillion. This disheartening dip brought markets back to their lowest points since late February.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin reached a low of $54,320 during Sunday’s trading session before rebounding slightly towards $57,000. Nevertheless, the asset’s bearish trend persists in the short term, implying that the correction might not have run its course yet, despite favorable inflation reports.
This weekend, Ethereum was unable to surpass the $3,000 mark and instead dropped to $2,830 during the early hours of trading in Asia on Monday. Nevertheless, by the time this text was composed, Ethereum had regained its footing and was back up at approximately $2,900.
During most of July, altcoins have generally seen significant price declines, with several coins hitting their lowest points during the bear market.
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2024-07-08 11:37