đ Six Things to Watch for Crypto Market Impact This Week đ
âĄïž This week is shaping up to be busy on the U.S. economic calendar, with positive momentum in the crypto market.
đ€ All eyes are on the PCE inflation data, the Federal Reserveâs preferred measure of inflation, which could influence a potential rate cut decision in September.
đ Additionally, a significant shake-up in the U.S. presidential election race, as Joe Biden steps aside, could also impact the markets.
đș Economic Events: July 22 to 26
- Wednesday: Preliminary readings for Julyâs S&P Global Manufacturing PMI and Services PMI. These reports provide insights into business conditions in the U.S. manufacturing and services sectors.
- Thursday:Release of the Q2 2024 GDP growth annualized report. This report gives an early look at changes in gross domestic product. Estimates suggest GDP growth accelerated to 2% in the second quarter, up from 1.4% in Q1. A higher-than-expected reading could delay expectations for central bank rate cuts.
- Friday:Juneâs Core Personal Consumption Expenditures (PCE) data, a key inflation gauge for the Federal Reserve. Slowing PCE inflation and a continued disinflation trend could support the likelihood of a September rate cut.
Additionally, the release of Julyâs Michigan Consumer Sentiment Index and Consumer Inflation Expectations reports will provide further views on long-term inflation.
"It is a huge week ahead with the July Fed meeting just 10 days away," commented the Kobeissi Letter.
đș Around 20% of S&P 500 companies are reporting earnings this week, including major players like Googleâs parent company Alphabet and Elon Muskâs Tesla.
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