Buckle up, folks! We're in for another rollercoaster week on the U.S. economic front, which means the crypto market might just get a bit wilder too.
The crypto world enjoyed a solid weekend, thanks to last week's Fed-fueled lift from a 0.5% interest rate cut. But hold on to your hats, because a slew of economic reports are coming our way, including consumer sentiment, GDP updates, and fresh inflation data.
Brace yourself for more ups and downs as we gear up for the next Federal Reserve meeting. According to the buzz on September 22, expect the markets to be a bit like a seesaw this week.
Kicking things off on Monday, we have the S&P Global Services PMI report, giving us a peek into the business vibes in the services sector, a big player in the GDP game. Tuesday follows up with consumer confidence reports, shedding light on how people are feeling about the economy.
Thursday is jam-packed with the usual weekly jobs data, plus updates on durable goods orders, a revision of the GDP numbers, and pending home sales. And to cap off the week, Friday brings the personal consumption expenditures (PCE) price index report, a crucial inflation indicator that central bank policymakers keep an eagle eye on.
Here's the lineup for the week:
1. S&P Global Services PMI data – Monday
2. Consumer Confidence data – Tuesday
3. August New Home Sales data – Wednesday
4. August Durable Goods Orders data – Thursday
5. Q2 2024 Final GDP Reading – Thursday
6. August PCE Inflation data – Friday
All eyes are on the November 7 Fed meeting, which could bring another rate cut. The CME Fed Watch tool shows an even split on whether we'll see a 25 basis point or another 50-point cut.
Meanwhile, over in Asia, markets were pretty chill on Monday morning as investors digested a slew of data that highlighted concerns about China's economic health. Things aren't looking too rosy over there, according to Tony Sycamore, an analyst in Sydney.
In Japan, the yen took a hit after the Bank of Japan hinted that they're not rushing to raise interest rates again.
Back in the crypto realm, things have been relatively calm with the total market cap hovering at $2.31 trillion. A cool $200 billion flowed back into the crypto space over the past week, riding on the Fed's rate cut wave, which was good news for risk assets.
Bitcoin spent most of the weekend chilling around the $63,000 mark but decided to stretch its legs, nearly hitting $65,000 during Monday's Asian trading session. It's up 9% since last week.
Ethereum also shook off some FUD, climbing past $2,600 in early Asian trading, scoring a weekly gain of 14.5%.
The altcoin scene was a mixed bag, but Binance Coin (BNB), Litecoin (LTC), Sui (SUI), and Bittensor (TAO) were showing some promise.
So, keep your eyes peeled and your crypto wallets ready—it’s going to be an exciting week!
