The cryptocurrency market has bounced back slightly during the weekend, but a packed schedule of economic events in the US next week could reignite selling pressure.
The Federal Reserve’s main measure of inflation, which may influence future monetary decisions, will receive close attention.
Macroeconomics outlet the Kobeissi Letter highlighted the key events for the coming week.
Key Events This Week:
1. March New Home Sales data – Tuesday
2. Durable Goods Orders data – Wednesday
3. US Q1 2024 GDP data – Thursday
4. March Pending Home Sales data – Thursday
5. March PCE Inflation data – Friday
6. ~20% of S&P 500 companies report earnings this week…
— The Kobeissi Letter (@KobeissiLetter) April 21, 2024
Inflation Data Eyed
On Taylor, fresh data about new house sales is set to be disclosed. This information provides valuable insights into the broader economic situation and sentiment, yet holds no bearing on the crypto market.
On Tuesdays, the preliminary readings for April’s Manufacturing PMI (Purchasing Managers Index) and Services PMI, both part of S&P Global, are disclosed. These reports provide insights into the health of the manufacturing and services sectors respectively, representing a significant portion of the country’s economic output.
On Thursdays, we’ll get the first look at the economy’s performance in the last quarter with the preliminary estimate of the Q1 GDP growth rate, which is projected to be around 2.9%, according to the Atlanta Fed’s forecast.
On Friday, we’ll get the latest Core Personal Consumption Expenditures (PCE) data, showing how much consumers spent during that timeframe.
The BEA’s estimation of a 2.8% inflation rate in March serves as a key indicator for the central bank. However, this rate surpasses the Federal Reserve’s desired goal of 2%.
This week, on Friday, we will release the Consumer Sentiment Index and the Consumer Inflation Expectations data from the University of Michigan’s survey for the month of March in Michigan.
At the current juncture, Federal Reserve decision-makers face a crucial choice as inflation persists in defying forecasts. Any unexpected move from their planned course might significantly influence investors’ confidence and market trends.
Approximately 20% of S&P 500 corporations are scheduled to release their quarterly earnings reports this week, among which are Microsoft and Alphabet (Google).
Crypto Market Outlook
Over the weekend, the total value of the cryptocurrency market bounced back and stayed above $2.5 trillion, with Bitcoin taking the front role after its latest halving occasion.
At the point of this text being penned down, the value of the asset hovered above $66,000. However, it had briefly dropped below $65,000 during the early Asian trading hours on Monday. For the most part, Bitcoin prices have exhibited a narrow trading range since late February.
After a brief dip, Ethereum regained its footing and was now selling for $3,225 – a $85 increase from its previous recovery to $3,140.
This Monday morning, most alternative coins experienced notable growth, including LINK, NEAR, and DOT, which saw significant price increases.
More market volatility is expected if the PCE figures are way off expectations later this week.
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2024-04-22 09:30