The Week’s Economic Calendar
This week in the United States will see the Thanksgiving holiday on Thursday and Friday, so economic activity is expected to be slow. However, an important Federal Reserve meeting is scheduled for Tuesday, which will review central bank policy for the rest of the year.
On November 20, The Kobeissi Letter outlined this week’s key economic events in the US, including the aforementioned Fed minutes meeting.
Monday will feature the release of the US leading economic indicators report, which is forecasted to remain unchanged from the previous month.
Tuesday brings existing home sales data and the minutes of the Fed’s October 31 to November 1 FOMC meeting. The Fed’s last policy meeting saw Chairman Jerome Powell express a dovish sentiment, although analysts speculate that the Fed might retract some of it this week.
Recent economic indicators have shown steady expansion in the third quarter with positive inflation data from last week. The Fed is also prepared to tighten policy further and a potential rate hike could be in the future.
Wednesday’s calendar includes initial jobless claims, expected to drop, and durable goods orders predicted to decline 3.5% in October. US markets will be closed on Thursday for the Thanksgiving holiday but will reopen for a half day on Friday. S&P Flash US services and manufacturing PMI figures will also be released on Friday, which have consistently hovered around the 50 level, showing neither expansion nor contraction.
Crypto Market Outlook
During the previous 12 hours, crypto markets have risen by 2.3%, bringing the total crypto market cap to $1.45 trillion on Monday morning trading in Asia. BTC has also gained a similar percentage increase, reaching $37,343. Ethereum is back above $2,000 with a daily gain of 2.8%. Other well-performing altcoins at the moment include Solana, Chainlink, and Avalanche, with most of them showing positive trends.
Hot Take
The Federal Reserve meeting and economic calendar will likely have minimal impact on the crypto market this week. However, positive news about crypto market performance, particularly with Bitcoin, Ethereum, and other altcoins, indicates a continuing upward trend, reflecting growing demand and investment.
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