As a seasoned researcher with extensive experience in financial markets, I have witnessed countless market fluctuations and economic events that have shaped the investment landscape. The recent surge in crypto markets, adding over $100 billion to total capitalization, is an interesting development that warrants closer scrutiny.
Over the weekend, crypto markets experienced a significant surge, resulting in an increase of over $100 billion to their collective market value.
Although this week’s economic calendar is less significant than the previous one due to the absence of major inflation reports, it still holds the potential to influence markets.
As an analyst, I would advise keeping a close watch on the following aspects in the coming week, given that the primary driver of market movements seems to be transitioning towards earnings season:
Economic Calendar July 15-19
The CPI report from last week marked the initial drop in monthly inflation rates observed in the past four years, which prompted a favorable response from financial markets.
On Taylor’s calendar, the retail sales figures for June will be disclosed in a comprehensive report. This data reveals the amount consumers have spent on both long-lasting and short-lived merchandise. Economists closely monitor this information to assess the economy’s status and consumer spending tendencies as well as inflation indicators.
U.S. industrial production reports, revealing the quantity of goods produced by American industries, will be released on Wednesday. Nevertheless, these numbers are unlikely to significantly influence cryptocurrency markets.
Based on my extensive experience in financial markets and analysis, I can tell you that this week, there are reports scheduled for release concerning home sales and manufacturing data. However, in light of my long-term involvement in high-risk asset markets, I believe these reports will exert minimal influence on their performance.
Key Events This Week:
1. Fed Chair Powell Speaks – Monday
2. June Retail Sales data – Tuesday
3. June Building Permits data – Wednesday
4. Philly Fed Manufacturing data – Thursday
5. Total of 11 Fed speaker events this week
6. Large banks report Q2 2024 earnings
All eyes…
— The Kobeissi Letter (@KobeissiLetter) July 14, 2024
The Kobeissi Letter observed on X on July 14 that earnings season will bring us straight to the July Federal Reserve meeting, and market volatility has returned. (Or: Earnings season brings us directly to the July Fed meeting, and volatility is back in the markets, according to the Kobeissi Letter on X on July 14.)
Investors closely watch the remarks of Federal Reserve Chairman Jerome Powell, made public on Monday, for potential indications of any changes in monetary policy.
Last week, Powell’s testimony at Congress positively influenced investors, leading to numerous wagers on upcoming interest rate decreases and heightening the likelihood of two such reductions – the initial one in September.
Based on my extensive experience in financial markets and earnings season coverage, I can tell you that the second quarter of 2024 is shaping up to be a particularly significant period for investors. This week, we’ll see an uptick in reporting from major companies, with large banks like Goldman Sachs, Bank of America, and Morgan Stanley taking center stage. These reports will provide valuable insights into their financial health and performance during this critical economic juncture. As someone who has closely followed earnings seasons for years, I can attest to the importance of staying informed about these updates in order to make well-informed investment decisions.
Crypto Market Outlook
The cryptocurrency market experienced an uptick over the weekend, surpassing $2.4 trillion in total value for the first time in two weeks.
Despite a consistent decline starting in June, it’s uncertain if this downturn has been halted at present.
Over the last 24 hours, Bitcoin experienced a 4.7% growth and reached a peak of $63,000 during early trading in Asia on Monday. Following its correction on July 5, this asset has bounced back by 16%.
The remaining market is mirroring this trend, with Ethereum reaching a new two-week peak at $3,360, and coins like Solana (SOL), Chainlink (LINK), and Near Protocol (NEAR) experiencing growth of over 5% within the day.
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2024-07-15 15:49