Stock markets have shown signs of recovery, but the same cannot be said for cryptocurrency markets, which are facing stiff resistance.
Volatility could rise again as all eyes will be on this week’s Federal Open Market Committee (FOMC) meeting and minutes, as well as economic data. data reports.
Economic events from August 19 to 23
The first economic event of the week is the FOMC meeting on Wednesday, during which the minutes of the July meeting and policy decisions will be discussed.
This report provides a detailed overview of the Federal Reserve’s policy outlook and includes details on the committee members’ positions on monetary policy. It will also provide their views on the economic situation and future trends.
S&P Global Manufacturing and Services PMI reports for August will be released on Thursday. These reports provide information on business conditions in the US manufacturing and services sectors, which are representative of overall economic conditions.
Policy makers use these reports as forward-looking indicators that reflect trends in the overall economy.
Key events of this week:
1. Minutes of the Federal Reserve meeting – Wednesday
2. S&P Global Services PMI Data – Thursday
3. Existing Home Sales Data for July: Thursday
4. July New Home Sales Data: Friday
5. Federal Reserve Chairman Jerome Powell speaks on Friday
6. A total of 4 Federal Reserve speaker events this week
The S&P 500…
— Kobeissi’s letter (@KobeissiLetter) August 18, 2024
There will be another speech from the Federal Reserve on Friday. Chairman Jerome Powell will take the stage at the Jackson Hole Economic Policy Symposium, an annual global forum for central bankers, policy experts and academics in Wyoming.
His speech is expected to lay the groundwork for an expected rate cut in September and how far rates will fall in the months that follow.
Recent economic data reports have shown as inflation continues to fall toward the Fed’s 2% target, consumer spending remains stable, and unemployment is not getting worse.
“The recent data flow is consistent with our soft landing forecast,” Bank of America Securities chief economist Michael Gapen wrote in a note to clients on Friday.
Cryptocurrency Market Outlook
While tech stocks have taken off the bottom, crypto assets have been sluggish.
Total market capitalization was down 1.3% on the day at $2.17 trillion, though it remains range-bound since recovering more than $2 trillion following the market’s big drop earlier this month.
Bitcoin could does not hold up Gold prices hit $60,000 and retreated to around $58,700 during the Asian trading session on Monday morning.
Ethereum has fared slightly better, gaining marginally on the day to trade at $2,642 at the time of writing.
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