Economic calendar of events on July 22-28 that can influence the crypto market.
Key days for the crypto market are Thursday and Friday. A lot of data on the US economy is being released these days. Otherwise, the week on macroeconomics promises to be calm.
A complete list of important events for the week is on the screenshots. Key:
Monday, July 22:
- Early in the morning the base lending rate of the People's Bank of China was released. And - it was reduced, although according to the forecast there was a pause. This is the first decline since August 2023, and the decision comes days after a meeting of the leadership of the Chinese Communist Party. Probably, at the meeting a decision was made to stimulate economic growth and provide “cheap money.” As long as there is no “bridge” between China’s mainland money and Hong Kong’s crypto-ETF, this will be of little use to the crypto market. But for the future and for forecasts on the PRC economy, this is an important decision.
Tuesday, July 23:
- There are no important events for the crypto market.
An event outside of macroeconomics is the likely launch of trading in the spot Ethereum ETF.
Wednesday, July 24:
- 16:45 Kyiv time and Moscow time / 18:45 Astana time - US manufacturing business activity index (PMI) for July, US service sector business activity index (PMI) for July. Important for the US Federal Reserve's interest rate actions and for assessing recession risks.
- 16:45 Kyiv time and Moscow time / 18:45 Astana time - Publication of the Bank of Canada’s report on monetary policy, Interest rate decision, Accompanying statement from the Bank of Canada. The Canadian dollar is included in the formula for calculating the#DXYUS Dollar Index, which is inversely correlated with risk asset markets.
- 17:00 Kyiv time and Moscow time / 19:00 Astana time - Press conference of the Bank of Canada.
- 23:05 Kyiv time and Moscow time / 01:05 new day Astana time - Speech by US Federal Reserve member Bowman (permanent chairman, closer to the “hawks”).
Thursday, July 25:
❗️ - 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.
❗️- 15:30 Kyiv time and Moscow time / 17:30 Astana time - Basic orders for durable goods in the USA for June, Basic price index of personal consumption expenditures in the USA (for the second quarter of 2024), Volume of orders for durable goods for June. The data is important for understanding the situation in the American economy and the risks of recession. In addition, for durable consumer goods, a figure above the forecast is a positive indicator for #USD, while data below the forecast has a negative impact on the USD. That is, here we are talking about the movement of the#DXYIndex.
❗️- 15:30 Kyiv time and Moscow time / 17:30 Astana time - US GDP for the second quarter of 2024, GDP deflator. Balance of foreign trade in goods. Assessing the prospects of the US economy. These data have already brought increased volatility to the crypto market in recent months.
- 18:00 Kyiv time and Moscow time / 20:00 Astana time - Chairman of the European Central Bank Lagarde will give a speech. The Euro plays an important role in the DXY calculation formula.
- 23:30 Kyiv time and Moscow time / 01:30 new day Astana time - US Federal Reserve balance sheet. They will show how things are going in the financial sector; the Fed is entering the period of completion of quantitative tightening. Increased volatility in the crypto market will only occur in the event of a sharp movement in the balance.
Friday, July 26:
❗️- 15:30 Kyiv time and Moscow time / 17:30 Astana time - Basic price index of personal consumption expenditures in the USA for June, Price index of personal consumption expenditures in the USA for June, Expenses of individuals in the USA for June. Indices are important for assessing the results of the US Federal Reserve's fight against consumer inflation. One of the key metrics for assessing the success of the fight. Will affect interest rate forecasts until the end of 2024.
- 17:00 Kyiv time and Moscow time / 19:00 Astana time - Expected inflation in the US for July from the University of Michigan, Index of consumer inflation expectations in the US for 5 years ahead from the University of Michigan, Indices of consumer expectations and sentiment from the University of Michigan. The value of the data is not great. But in recent months, they have already been used as a reason for tangible movements in the crypto market.
