The cryptocurrency market took a hit over the last week, but there were early indications of a comeback during the Asian morning trading hours on Monday.
Yet another week filled with a packed economic schedule is approaching, and tensions in the Middle East’s political scene have intensified. Consequently, some investors might opt for safer investments as a precautionary measure.
This week, markets will place great emphasis on companies’ earnings reports. These reports will come from different economic sectors, such as banking and finance.
Key Events This Week:
1. March Retail Sales data – Monday
2. Fed Chair Powell Speaks – Tuesday
3. Existing Home Sales data – Thursday
4. Philly Fed Manufacturing Index – Thursday
5. ~10% of S&P 500 companies report earnings
6. Total of 13 Fed speaker events this week
All…
— The Kobeissi Letter (@KobeissiLetter) April 14, 2024
The Week Ahead
On Monday, the United States retail sales data for March is scheduled to be made public, potentially influencing the Federal Reserve’s monetary decisions. Previous unexpectedly high inflation readings have heightened worries that the Fed might hold interest rates steady for a more extended period.
This week, we’ll get new data about industrial output and manufacturing. An analysis of these figures may provide insights into the overall economic condition.
On Thursdays, the number of unemployment claims may be released, causing a surprise rise potentially affecting people’s spending ability.
This week, a total of 13 speeches from the Federal Reserve are scheduled, with Chair Jerome Powell speaking on Tuesday. These speeches are closely watched by investors in search of hints regarding changes in monetary policy.
This week holds significance for Q1 earnings releases, particularly for the banking sector. Prominent banks like Goldman Sachs, Bank of America, and Morgan Stanley are set to unveil their reports, with numerous smaller banks attracting attention as well.
Conflicts in the Middle East persistently capture our focus, leading to a rise in the cost of essential commodities like oil and gold.
Furthermore, the economic data from China, including its Q1 GDP numbers due out on Tuesday, could influence investor interest in riskier investments like Bitcoin.
Crypto Markets Recover
Over the weekend, the value of crypto markets sank to their lowest point since early March, decreasing to a total capitalization of approximately $2.41 trillion.
On Monday morning, there was a modest improvement, raising the overall value by 3.5% to reach $2.48 trillion.
At present, Bitcoin has rebounded from its $62,000 support level to reach $65,000, but it’s important to note that this comes after a 12% decrease from its peak price in mid-March. The Bitcoin halving event is scheduled to occur soon.
The cost of Ethereum dropped under $3,000 on Sunday, but it bounced back during Asian trading on Monday, rising to $3,150.
Most of the altcoins are recovering, but they are nearly all down double digits over the past week.
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2024-04-15 09:02