As the week kicks off, investors are bracing for the impact of major inflation reports and Federal Reserve speeches on crypto markets.
This week's economic calendar is loaded with important events, promising to stoke volatility across traditional and crypto markets. Highlights include the release of crucial inflation data and speeches from Federal Reserve officials, which shape expectations for monetary policy decisions.
Key Inflation Reports and Federal Reserve Speeches
As market watchers eagerly await, this week's economic data will include the PPI Core Report and the April CPI Core Report, both key to assessing inflationary pressures. Additionally, investors will closely follow a series of speeches from the Federal Reserve, seeking information on the central bank's future policy direction.
Key events this week:
1. April PPI inflation data – Tuesday
2. Fed Chair Powell Speaks – Tuesday
3. April CPI inflation data – Wednesday
4. April retail sales data – Wednesday
5. Philadelphia Fed Manufacturing Data – Thursday
6. Total of 12 Fed conferences this week…
– Kobeissi Letter (@KobeissiLetter) May 12, 2024
Impact of Inflation Reports
The baseline PPI report, scheduled for release on Tuesday, serves as a leading indicator of inflationary trends, influencing subsequent CPI reports. At the same time, the April Core CPI report, due Wednesday, plays an important role in shaping economic forecasts, consumer behavior and policy decisions by the Federal Reserve.
Overview of Market Sentiment and Crypto Performance
As economic events unfold, cryptocurrency markets maintain a cautious stance, with minimal movements seen among major cryptocurrencies. Despite the anticipation surrounding economic data, Bitcoin and Ethereum prices remain relatively stable, while altcoins experience varied performance trends.
Read also: Bitcoin and Ethereum Performance Review: Post-ETF Approval
Market observations
Bitcoin Prices is hovering around $61,000, indicating marginal fluctuations since the day before. Ethereum is struggling to reclaim the $3,000 mark, signaling short-term bearish sentiment. Altcoins are experiencing mixed performance, with notable declines seen in Solana, Dogecoin, Avalanche and Near Protocol.
In conclusion, upcoming inflation reports and speeches from the Federal Reserve could have a significant impact on both traditional and crypto markets, influencing investor sentiment and market dynamics in the coming week. Investors remain vigilant as they navigate a changing economic landscape and market uncertainties.