Crypto Market Outlook: Key Economic Events for This Week
The crypto market is gearing up for an eventful week with some major economic updates on the horizon. Investors are eagerly awaiting key events like the US PCE inflation, FOMC Minutes, and Q3 GDP data which are set to be released in the coming days.
The rally in the crypto market has been quite significant lately, thanks to various factors like the aftermath of a Trump victory, increased institutional interest, and positive market catalysts. Traders are keeping a close watch on how these upcoming economic events will impact asset prices.
Here’s a rundown of the key events to look out for this week:
1. CB Consumer Confidence data – Tuesday
2. October New Home Sales data – Tuesday
3. FOMC Meeting Minutes – Tuesday
4. Q3 2024 GDP data – Wednesday
5. October PCE Inflation data – Wednesday
6. US Markets Closed for Thanksgiving – Thursday
On November 27, global investors will have their eyes on several US economic numbers and the minutes of the FOMC’s November policy meeting. The focus will be on whether the Federal Reserve hints at a third interest rate cut in the upcoming December policy meeting based on the minutes. The views of Federal Reserve officials on the rate cut will also be closely scrutinized.
The US FOMC for November is scheduled on Tuesday, November 26, and the minutes are expected to provide insights into the Fed’s approach to inflation targeting and monetary policy. Additionally, the release of the second estimate for US GDP growth numbers for the September quarter will give a clearer picture of the economic health of the country.
The PCE inflation report expected on Wednesday is anticipated to show a 0.2% increase for October, with a year-over-year rise expected at 2.3%. This data will be crucial in assessing the overall economic health of the US, which, in turn, will impact the financial sector.
The Federal Reserve’s focus on reaching the 2% inflation target remains a key priority, as Fed Chair Jerome Powell has emphasized. Investors will also keep an eye on Core PCE inflation figures, which exclude energy and food prices, for further insights into inflation trends.
Overall, these key economic events will be closely watched by the market participants, along with the impact of the ongoing rally in the crypto market. Stay tuned for more updates as the week unfolds!
