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This week's US economic data will impact crypto markets in the following ways .
1. Release of consumer confidence data on Tuesday
2. Q1 2024 GDP Growth Annualized report on Thursday
3. April PCE Inflation data on Friday
4. Chicago PMI data on Friday
5. Ten Fed speaker events this week
The release of these data will likely cause fluctuations in the crypto market.
Here's a more detailed analysis of how this week's US economic data may impact crypto markets:
1. Consumer Confidence Data (Tuesday):
A higher-than-expected reading could boost crypto markets, as increased consumer confidence can lead to increased investment and risk appetite.
A lower-than-expected reading could lead to a decline in crypto markets, as decreased consumer confidence can lead to decreased investment and risk aversion.
2. Q1 2024 GDP Growth Annualized Report (Thursday):
A strong GDP growth reading could lead to a decline in crypto markets, as a strong economy may lead to increased interest rates and reduced demand for riskier assets like cryptocurrencies.
A weak GDP growth reading could lead to a boost in crypto markets, as a weaker economy may lead to decreased interest rates and increased demand for riskier assets.
3. April PCE Inflation Data (Friday):
A higher-than-expected reading could lead to a decline in crypto markets, as increased inflation can lead to increased interest rates and reduced demand for riskier assets.
A lower-than-expected reading could lead to a boost in crypto markets, as decreased inflation can lead to decreased interest rates and increased demand for riskier assets.
4. Chicago PMI Data (Friday):
A higher-than-expected reading could boost crypto markets, as increased economic activity can lead to increased investment and risk appetite.
A lower-than-expected reading could lead to a decline in crypto markets, as decreased economic activity can lead to decreased investment and risk aversion.
5. Fed Speaker Events (Throughout the week):
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