Markets
Can this week’s economic data shake crypto markets out of lethargy?
Crypto markets remained sideways over the weekend, with very little movement for major companies and total capitalization remaining around $2.54 trillion, where it was last week.
There is a holiday on Wednesday in the US, so stock markets will be closed and crypto markets will likely be muted.
However, retail sales data and PMI (Purchasing Managers Index) reports may shed some light on the direction of developments. economic recovery.
Economic Calendar June 17th to 21st
May retail sales reports will be released on Tuesday, providing information on consumer spending on durable and non-durable goods, which helps assess the health of the economy, consumer spending habits and pressures inflationary pressures on the demand side.
US industrial production reports will also be released on May 18, but will have little impact on the broader market and business activity.
The S&P Global Manufacturing PMI report for June will be released on Friday. This data captures business conditions in the manufacturing sector, which contributes significantly to total GDP and is considered an important indicator of business conditions and the general economic climate in the US.
Many analysts now believe that the Federal Reserve’s policy outlook leans toward a more conservative position.
However, if economic reports in the coming months confirm the prospects of disinflation and a return to normal price pressures, expectations of a reduction in rates could be brought forward.
This would be good for high-risk assets like altcoinsas more liquidity and lower rates mean easier access to investment capital.
However, the US central bank now forecasts just one rate cut this year, below the three it had predicted in March, so the new season could still be a few months away.
Impact on the crypto market
Any of this week’s economic reports are unlikely to have an impact on crypto markets, so another week of low volatility is expected.
Bitcoin has fallen once again, trading below $66,000 currently after spending the weekend stuck slightly above that level.
Ethereum reached $3,645 during Asian trading but gave up those gains in recent hours, falling below $3,500.
There was more red than green in altcoins, with bigger losses for Shiba Inu (SHIB), Avalanche (AVAX), Uniswap (UNI), and Near Protocol (NEAR).