Today, July 11, is the key day of the month in macroeconomics for the crypto market. The only thing that will be more important than this is July 31 - the day of the US Federal Reserve meeting on interest rates.
We are waiting for the publication of US consumer inflation data for June today. These are the same macroeconomic data that Fed Chairman Jerome Powell expects to see positive results from, mentioning macroeconomic data in his speeches on July 9 and 10.
This morning, data on UK GDP, industrial production, and trade balance have already been released. Important for recession risks in Europe and due to the role of sterling in the calculation of the DXY US Dollar Index. The data is generally positive - GDP is better than forecast, industrial production is slightly worse than forecast, but overall has increased. But these are more “distance” indicators. It does not bring volatility in the moment.
Daily schedule:
❗️ - 15:30 Kyiv time and Moscow time / 17:30 Astana time - Core Consumer Price Index and US Consumer Price Index. Important for assessing the success of the US Federal Reserve's fight against inflation.
❗️ - 15:30 Kyiv time and Moscow time / 17:30 Astana time - Weekly number of initial applications for unemployment benefits in the USA. The labor market is important for the US Federal Reserve's interest rate actions. Powell also talks about him in all his recent speeches, noting his resilience.
- 18:30 Kyiv time and Moscow time / 20:30 Astana time - Speech by US Federal Reserve member Bostic (with dovish rhetoric and voting rights).
- 21:00 Kyiv time and Moscow time / 23:00 Astana time - Report on the execution of the US federal budget for June.
Tomorrow's data on manufacturing inflation in the US is also important, but historically they do not have such a strong impact on market volatility at the moment. And they will act as a leading indicator for consumer inflation at the end of July. Therefore, for now, all attention is paid to today's data.