The Week’s Economic Calendar
This week, there are several key economic events in the United States that could impact market sentiment and investor confidence. The Kobeissi Letter has compiled a list of these events, including inflation data and a speech by a Federal Reserve governor.
Monday: New Home Sales Data
The week kicks off with the release of new home sales data, which is expected to show a slight decline compared to the previous month.
Tuesday: Consumer Confidence Data and Fed Governor Speeches
On Tuesday, monthly consumer confidence data will be released, providing an overall indication of economic activity. Additionally, three Federal Reserve governors will give speeches on monetary policy and the economy. Although these speeches are not expected to have a significant impact on the market, they are still worth paying attention to.
Wednesday: Gross Domestic Product (GDP) Data
Wednesday brings the release of the third quarter’s GDP data, which is anticipated to remain unchanged from the previous quarter.
Thursday: Personal Consumption Expenditures (PCE) Inflation Data
PCE inflation data will be released on Thursday, showing a slight decline from the previous month. This can be seen as another sign of economic recovery.
Friday: ISM Manufacturing Data and Fed Chair Speech
Friday is packed with two important events. First, ISM manufacturing data will be released, providing insights into the health of the manufacturing sector. Additionally, Fed Chair Jerome Powell will give a speech that could shed light on future monetary policy decisions.
A Full Trading Week Ahead
The Kobeissi Letter predicts a full trading week with potential volatility. It suggests that volatility is likely to persist in the market.
Crypto Market Outlook
While the economic calendar events may not directly trigger major movements in the crypto market, investor sentiment is growing stronger. This could lead to increased attention on high-risk assets like cryptocurrencies.
Total Market Capitalization Reaches New High
Over the weekend, total market capitalization reached its highest level since early May 2022, coming close to $1.5 trillion. However, it has slightly decreased during the Monday morning Asian trading session.
Bitcoin and Altcoin Performance
Bitcoin is currently trading at $37,290, experiencing a 1.3% drop over the past 24 hours. Ethereum prices have also fallen by 1.5% to $2,045. Altcoins are following a similar trend, retracing from their weekend highs.
Hot Take: Positive Economic Forecasts and Strengthening Investor Sentiment
The economic forecasts for the US market are bullish, signaling positive sentiment and potential recovery after a period of suppression. While this week’s economic events may not have a direct impact on cryptocurrencies, the strengthening investor sentiment could attract more attention to high-risk assets like crypto. It will be interesting to see how these factors play out in the market and if they contribute to further growth in the crypto space.
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