Will this week’s economic calendar and Fed speeches move crypto markets?

Will This Week’s Economic Calendar and Fed Speeches Move Crypto Markets?
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There is a busy week on the economic calendar after the weekend in the United States. With the release of GDP numbers and inflation data in the US, this could determine the market mood and investor confidence for the rest of the year.

Macroeconomic outlet Al Qubaisi message included Key US economic events for the week of November 27. They include inflation data and the Fed Governor’s speech on Friday.

Economic calendar for the week

Monday will see the release of new home sales data, which is expected to decline slightly from the previous month.

Tuesday will include the release of monthly consumer confidence data, which is considered an indicator of overall economic activity.

Furthermore, three Fed Governors – Christopher Waller, Michael Bowman, and Michael Barr – will speak on Tuesday, November 28. The titles cover topics related to monetary policy and economics. However, it is not expected to contain any market-moving bombs.

Wednesday sees the release of third quarter GDP data. However, this is expected to remain unchanged from the previous quarter.

Read more: 7 cryptocurrencies you should have in your wallet before the next bull run

Personal consumption expenditure (PCE) inflation data will be published on Thursday. November 30. This is expected to decline slightly from the previous month, serving as another stimulus to the economic recovery.

ISM manufacturing data will be released on Friday and Fed Chair Jerome Powell will also speak on Friday, December 1 to wrap up the busy week.

Al Qubaisi’s message stated that there would be a full trading week coming and that “volatility is here to stay.”

Overall, the outlook is bullish for markets and economic sentiment that has been suppressed over the past two years.

Crypto market forecast

It is unlikely that any of this week’s economic calendar events will lead to major movements in the cryptocurrency markets. However, investor sentiment is strengthening which could lead to more interest in high-risk assets such as cryptocurrencies.

The total market capitalization reached its highest level since early May 2022 over the weekend. This number came in close to $1.5 trillion but fell marginally during the Asian trading session on Monday morning.

Total market value 2 years.  Source: Koenjiku
Total market value 2 years. Source: Koenjiku

Bitcoin is currently trading at $37,290 after falling 1.3% over the past 24 hours. The asset reached a weekend high of $37,840 after a major options expiration event on Friday, according to BeInCrypto.

Ethereum prices are down 1.5% on the day at $2,045 at the time of writing as cryptocurrency markets decline. All altcoins were also in the red on Monday morning, pulling back from their weekend highs.

Disclaimer

Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content.

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