This Week’s Economic Calendar
This week, there are several key economic events in the United States that you should keep an eye on. On Tuesday, the US retail sales data will be released, which measures changes in the total value of sales at the retail level. This is an important indicator of consumer spending and overall economic activity. It is expected to decrease slightly, which is not favorable for the economy.
On Wednesday, there will be some housing and building data released, but these reports do not have much impact on the broader markets.
One of the most significant events this week is Fed Chairman Jerome Powell’s speech on Thursday at the Economic Club of New York. This speech comes just before the central bank’s blackout period begins before its next interest-rate decision. Additionally, US leading economic indicators and jobless claims will also be released on Thursday.
The Threat of Geopolitical Tensions
Geopolitical tensions are adding to market sentiment, which remains bearish. Billionaire investor Ray Dalio has warned that the Israel-Hamas conflict could lead to other conflicts in different regions and increase the risk of a major world war involving major powers like the US and China. According to Dalio, the odds of such a war have risen from 35% to about 50% over the past two years.
Crypto Market Outlook
While geopolitical tensions may impact traditional markets, the crypto market remains relatively unaffected. The crypto winter continues as digital assets remain stagnant with no significant movement expected for the rest of this year. The total market capitalization has increased by around 1% to reach $1.1 trillion but has been range-bound since mid-August.
Bitcoin (BTC) has reclaimed the $27,000 level during Monday morning trading in Asia, showing a 1.3% increase on the day. Other altcoins have shown mixed movement with little change in either direction.
Hot Take: The Impact of Geopolitical Tensions on Crypto Markets
While geopolitical tensions may not have an immediate impact on the crypto market, they can still create uncertainty and volatility in traditional markets. The possibility of a major world war involving major powers like the US and China would undoubtedly have far-reaching consequences for global economies and financial markets, including the crypto market. It is essential to monitor these geopolitical developments closely as they could potentially influence investor sentiment and market dynamics in the future.
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