As a seasoned crypto investor with a knack for navigating market fluctuations and a flair for predicting trends, I find myself bracing for an exhilarating week ahead. The Jackson Hole speech by Jerome Powell has been a game-changer, signaling a potential policy shift that could drive the markets in unpredictable yet profitable directions.
Over the weekend, cryptocurrency markets managed to maintain their upward momentum that started after the Federal Reserve’s meeting on Friday.
At Jackson Hole, Federal Reserve Chairman Jerome Powell hinted at a potential shift in monetary policy strategy, saying “it’s now appropriate for our policies to change,” while emphasizing that any interest rate adjustments would be contingent upon future economic data.
This upcoming week may witness the unveiling of crucial inflation figures, potentially leading to increased market fluctuations for high-risk investments like cryptocurrencies.
“The Kobeissi Letter noted on August 25th that the release of Nvidia’s earnings and Personal Consumption Expenditures (PCE) inflation data in the same week presents a favorable opportunity for trading.”
Economic Calendar Aug. 26 to 30
On Tuesday, we’ll get insights into consumer confidence levels, reflecting shoppers’ overall market sentiment. But it’s the more significant Second-Quarter GDP report scheduled for Thursday that truly matters. This upcoming release is anticipated to reveal minimal or no alteration from the preliminary estimate of a 2.8% annual growth rate.
The much-anticipated July Core Personal Consumption Expenditures (PCE) report will be released this coming Friday. This report presents an average monthly spending figure for consumers, excluding items like food and energy that tend to fluctuate with the seasons. Central banks rely heavily on this data as a key indicator of inflation rates.
On Friday, we’ll get the report on August’s Michigan Consumer Sentiment Index, which measures consumer inflation expectations. This data is based on a monthly survey that assesses consumer confidence and their outlook on long-term inflation in the United States.
Key Events This Week:
1. July Durable Goods Orders data – Monday
2. CB Consumer Confidence – Tuesday
3. Nvidia, $NVDA, Reports Earnings – Wednesday
4. Q2 2024 GDP data – Thursday
5. July Pending Home Sales data – Thursday
6. July PCE Inflation data – Friday
Buckle up for a…
— The Kobeissi Letter (@KobeissiLetter) August 25, 2024
This coming Wednesday, semiconductor titan Nvidia is set to unveil its second-quarter earnings report. These financial figures are highly anticipated and could potentially mark a significant turning point for the US stock market, given that tech companies like Nvidia (NVDA) have been leading the charge.
Crypto Market Outlook
The cryptocurrency market experienced an upward surge following the Federal Reserve’s dovish shift in policy, climbing approximately 6% since the speech was delivered. Over the weekend, it maintained its stability, but during the early hours of Monday’s Asian trading session, there was a slight dip, resulting in the total market capitalization decreasing to around $2.34 trillion.
On Monday morning, Bitcoin reached its three-week peak at $65,120, only to dip down shortly afterwards, returning to the $64,000 level where it found support. Meanwhile, Ethereum touched $2,788 and also retreated, stabilizing around $2,740 as of this writing.
Market momentum could continue this week if inflation indicators are positive.
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2024-08-26 09:30