Markets
Crypto Market Prepares for FOMC Rate Decision, Consumer Price Inflation and US Inflation Data
The crypto market saw some tumultuous trading last week, with a positive start that quickly reversed itself in the end. Notably, the week started on a good note with growing anticipation of Bitcoin hitting a new high, according to predictions from several analysts. However, after Friday’s strong performance US employment datasentiment has shifted, suggesting a hawkish stance from the Federal Reserve.
In this volatile scenario in the market, investors will closely watch the upcoming key events scheduled for the next week.
The crypto market will closely follow these key events
Impact of US CPI and PPI inflation data on the crypto market
Crypto market investors will be closely watching key inflation figures for this week, with the United States Consumer Price Index (CPI) for the month of May scheduled for Wednesday June 12. The CPI and Core CPI, key indicators for measuring price changes, will provide a clear picture of the current level of inflation in the United States.
Additionally, the US Producer Price Index (PPI) and Core PPI are other crucial metrics to analyze the situation. inflation trends in the country. Notably, US PPI and Core PPI inflation data for May are scheduled to be released on Thursday, June 13.
These two data could pave the way for the The Fed future position with their interest rate plans. After the mixed US jobs data last week, this data would provide more information to investors in the crypto market as well as the financial sector in general on how the US Federal Reserve will tackle the inflationary pressures.
FOMC Interest Rate Decision and Jerome Powell Conference
After the release of US CPI inflation data on June 12, the FOMC interest rate decision and Fed Chairman Jerome Powell’s press conference will take place on the same date. Even though the broader market anticipates the Federal Reserve To keep its policy rate unchanged, the Fed’s remarks will shed light on potential future decisions by the central bank.
Meanwhile, crypto market watchers previously expected at least two rate cuts this year, with bets cemented for November, last week’s grim labor market data now paints a mixed picture. Given this, the Fed’s remarks will play a key role in shaping the future performance of the crypto market this week.
Conclusion
Besides these key events, the monthly US federal budget will also be released on Wednesday this week. Additionally, preliminary consumer sentiment details will also be released on June 14, which will provide insight into the crypto market and its trends.
Meanwhile, after the European Central Bank (ECB) After deciding last week to cut its interest rate by 25 basis points, optimism has increased significantly in the crypto market. Furthermore, several market observers also expected a similar decision from the US Federal Reserve in the coming days.
However, sentiment quickly changed due to stronger-than-expected jobs data, which weighed on sentiment, causing a massive reaction. crypto market liquidation last week. Whereas this week’s set of economic data and key events are likely to shape the future of crypto market performance.
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Rupam, a seasoned professional with 3 years of experience in financial markets, has honed his skills as a meticulous research analyst and insightful journalist. He finds pleasure in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His contributions include breaking articles, AI-related developments, real-time crypto market updates, and relevant business news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with diverse audiences.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.