As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and economic data releases. This week’s economic calendar is packed with important events that could potentially impact both traditional markets and crypto assets.
As a crypto investor, I’ve noticed that the markets have been quite calm over the weekend, with prices holding steady and not making significant moves. This comes after the exciting news from last week about the approval of a spot Ethereum exchange-traded fund (ETF) in the United States. So, we’re currently enjoying the benefits of those gains.
During the upcoming week, we can anticipate the emergence of additional economic information including consumer confidence surveys and figures on gross domestic product.
Economic Calendar May 27-31
As a crypto investor, I understand that this coming Monday marks Memorial Day in the United States. Consequently, I anticipate that both traditional financial markets and the crypto asset marketplace will be taking a day off to honor this national holiday. With most market participants away from their screens, I expect the volatility in crypto assets to remain relatively low during this period.
On Tuesday, consumer confidence figures for May are set to be published, displaying a modest uptick compared to April’s data. This improvement is due in part to stronger-than-anticipated weekly unemployment claims and positive trends observed in both the manufacturing and service sectors during the previous week.
On Thursdays, you can expect the release of the advanced estimate for the Q1 2024 Gross Domestic Product (GDP) growth rate annualized version. This data offers valuable information about the economy’s condition during the preceding quarter.
As a researcher examining economic data, I’ve discovered that the U.S. Bureau of Economic Analysis has revised its previous estimate of the economy’s annualized growth rate downward. The new projection indicates a slower expansion at 1.5% for the given period, compared to the initial assessment.
Key Events This Week:
1. Memorial Day, Markets Closed – Monday
2. CB Consumer Confidence data – Tuesday
3. Q1 2024 GDP data – Thursday
4. April PCE Inflation data – Friday
5. Chicago PMI data – Friday
6. Total of 10 Fed speaker events this week
Short but busy week ahead.
— The Kobeissi Letter (@KobeissiLetter) May 26, 2024
On Friday, we’ll get the April Core Personal Consumption Expenditures (PCE) report, which reveals the typical monthly expenditures of consumers. This figure is closely monitored by Federal Reserve FOMC policymakers as their principal measure of inflation. They utilize this data to assess whether inflationary pressures are subsiding.
As a researcher, I’m looking forward to the release of the latest Personal Income and Personal Spending report for April coming up on Friday. This report provides insights into the total earnings received by Americans and their subsequent spending on various goods and services throughout the economy.
The data from these consumer spending reports significantly influences economic expansion, making them valuable sources of information for evaluating the broader economy’s health and guiding the Federal Reserve’s monetary policy choices.
There will also be a total of ten speeches from Federal Reserve bosses this week.
This week, it’s worth focusing on the earnings releases from major companies such as Costco (a leading wholesaler), Salesforce (a renowned software company), and HP (a well-known computer manufacturer).
Crypto Market Outlook
Over the weekend, presidential hopeful Donald Trump expressed his intention to champion the cryptocurrency sector in the United States should he secure the presidency.
This is surreal.
As a financial analyst, I would interpret this statement as follows: I, as an observer, notice that the front-runner for the presidency has publicly expressed his intention to establish America as the foremost nation in the realm of bitcoin and cryptocurrencies. Moreover, he advocates for the protection of individuals’ right to maintain control over their own digital assets through self-custody.
All the critics were wrong. The government won’t ban it, they’re embracing it.
— Pomp (@APompliano) May 26, 2024
Despite this development, markets remained stable around the $2.7 trillion mark during the weekend.
In simpler terms, the Asian stock markets’ opening on Mondays, specifically for Bitcoin trading, have been quiet. Currently, Bitcoin is valued slightly less than $69,000.
The price of Ethereum improved significantly, rising by 4% to hit $3,900 following the approvals of Ethereum-based ETFs, whereas the majority of altcoins showed minimal changes.
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2024-05-27 08:35