As a seasoned crypto investor with over a decade of market experience under my belt, I find myself closely watching this week’s economic events with a mix of anticipation and apprehension. The upcoming Retail Sales, Industrial Production reports, and Fed speeches could potentially shake up the markets, as they often serve as significant indicators of economic health and inflationary trends.
Over the weekend, the cryptocurrency market has been moving within a narrow range, with reduced volatility. However, it seems this could soon alter.
This week, we’ll see the publication of retail sales and manufacturing reports. These figures are frequently utilized as gauges of the current economy and possible shifts in inflation patterns.
The Kobeissi Letter noted that currently, the focus is on the Federal Reserve, upcoming elections, global political issues, and corporate earnings.
Economic Events Oct. 14 to 18
The unexpectedly higher-than-anticipated Consumer Price Index (CPI) from last week, accompanied by an increase in unemployment claims, has left investors perplexed regarding the future trajectory of the U.S. economy.
Furthermore, the FOMC meeting minutes showed that a majority of the rate-setting committee members favored a 0.5% decrease in interest rates, while current market predictions indicate a potential 0.25% reduction in November.
On Thursday, we’ll get the latest Retail Sales report for September, offering insights into consumer spending levels. This data is crucial as it signals the overall economy’s strength and inflationary pressures stemming from demand.
On the contrary, Global Markets Investor cautions that after accounting for inflation, retail sales have seen a decrease in all of the past five months. In fact, they’ve dropped approximately 3% from their level in April 2022.
On Thursday, we’ll get the latest Industrial Production report for September. This data showcases the amount of goods produced by U.S. industries, such as manufacturing, mining, and utilities. It’s also an important signal about the future state of our economy, as it often predicts economic expansion.
Homebuilder confidence is also on tap this week with Friday’s reports on the housing market.
Key Events This Week:
1. OPEC Monthly Report – Monday
2. September Retail Sales data – Thursday
3. Philly Fed Manufacturing data- Thursday
4. September Housing Starts data – Friday
5. Total of 11 Fed speaker events this week
6. ~10% of S&P 500 companies report earnings…
— The Kobeissi Letter (@KobeissiLetter) October 13, 2024
Multiple Federal Reserve representatives are scheduled to speak this week, beginning with Governor Christopher Waller on Monday. On Tuesday, Mary Daly, the president of the Federal Reserve Bank of San Francisco, along with Federal Reserve Governor Adriana Kugler, will also be delivering speeches.
This week, some major banking institutions like Goldman Sachs, Morgan Stanley, Citigroup, and others on the financial scene are set to release their earnings.
Crypto Market Outlook
Over the last 24 hours, the value of cryptocurrency markets has remained steady, sitting at approximately $2.33 trillion as I write this. Throughout the weekend, they generally held steady, with Bitcoin staying within a narrow price range.
Thus far, there’s been a 5% drop in the market since the start of this month, and there’s been no hint of an October rally as of now.
In the early hours of Monday in Asia, Bitcoin reached an impressive peak of approximately $64,000. However, it currently resides within a seven-month trading range and is hovering near the center of this range.
On Monday morning, Ethereum moved within a narrow band near the $2,460 mark, yet managed to reach $2,500, mirroring the movements of its larger counterpart.
On Monday mornings, many alternative cryptocurrencies saw increases, yet these gains were relatively small because the market was still consolidating.
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2024-10-14 07:39