CRYPTO FOCUS SHIFTED TO THE UPCOMING US PCE DATA???
CRYPTO MARKET AWAITS...
The crypto market noted a robust rally last week, with soaring bets over a potential Fed rate cut in September. Bitcoin neared the $65,000,the focus has shifted to the upcoming US PCE data, which would provide further cues on the inflationary pressure in the nation, along with several other key events.
The major events and see how they may impact the market sentiment in the coming week.
US Fed Officialsâ Remark To Shape Market Sentiment
The US Federal Reserve officials have so far fueled optimism in the market.the recent remarks from several officials, including Fed Chair Jerome hint that the US central bank is leaning towards a softer policy stance going ahead.
The dovish comments have cemented bets over a potential US Fed rate cut at their upcoming meeting in September.This move has bolstered market confidence,as evidenced by the recent rally in the crypto market.
the market eagerly awaits further cues from the Fed officials this coming week. On Monday, August 26, San Francisco Fed President Mary Daly is expected to appear in a TV interview.Atlanta Fed President Raphael Bostic is scheduled to give his remarks on August 28.
The market expects their comments to come in tandem with the dovish remarks from other officials,itâs worth noting that any other move, especially a hawkish remark, could further trigger concerns among traders, which could cause a potential selloff in the broader financial sector, let alone the crypto market.
Crypto Market Awaits US PCE Inflation & Revised GDP Data
The broader financial market eagerly awaits upcoming US PCE data for further clarity over inflation.The US PCE inflation figure for July is expected to come in at 0.2%, up from 0.1% in the prior month.a YoY basis, it is expected to remain unchanged at 2.5%.
The Core PCE figures are anticipated to remain unchanged at 0.2%, while on a YoY basis,it is expected to show a spike to 2.7% from the June figure of 2.6%.if the figure shows that inflation is hotter than anticipated,it could dampen investors.
