Impact of This Week’s US Economic Data on Crypto Markets
Crypto markets remained relatively stable over the weekend, maintaining gains from last week's spot Ethereum exchange-traded fund approvals in the U.S. This week, key economic data releases, such as consumer confidence and GDP indicators, will be closely watched.
Economic Calendar (May 27-31)
-Monday: Memorial Day in the U.S. - Markets closed, low volatility expected for crypto assets.
-Tuesday: Consumer confidence data release. Improved slightly in May, bolstered by better-than-expected weekly jobless claims and manufacturing and services PMIs last week.
- Thursday: Q1 2024 GDP Growth Annualized report. Provides an advanced estimate of the economy’s health. The U.S. Bureau of Economic Analysis estimates annualized growth has slowed to 1.5%, slightly below initial estimates.
- Friday: April Core Personal Consumption Expenditures (PCE) report. Indicates monthly consumer spending and is a key inflation gauge for Federal Reserve FOMC policymakers.
- Related Personal Income and Personal Spending report also due. Reflects total personal income and consumer spending on goods and services, crucial for understanding economic growth and Fed monetary policy decisions.
All Week: Total of ten speeches from Federal Reserve officials.
Notable earnings reports this week include Costco, Salesforce, and HP.