Noteworthy Economic News That May Affect the Cryptocurrency Market:
📈 US GDP Growth: The Atlanta Fed's GDPNow model estimates a real GDP growth rate of 2.7% for Q2 2024, up from 2.5% the previous day. This increase is attributed to higher-than-expected growth in real personal consumption expenditures and gross private domestic investment.
🛍️ Retail Sales: Retail sales in the US remained unchanged from May to June 2024 but were 2.3% higher year-over-year. Strong online sales contributed to this stability, with a notable 1.9% increase.
📉 Trade Deficit: The US trade deficit in goods and services rose to $75.1 billion in May 2024 from $74.5 billion in April, as exports decreased more than imports.
🏦 Federal Reserve: Fed Chair Jerome Powell has adopted a dovish tone on inflation, indicating that further rate hikes are unlikely. The market is now predicting an 89% chance of a rate cut by September.
🌐 Global Growth: The World Bank reports that global growth is stabilizing for the first time in three years. However, 80% of the world's population still faces economic challenges.
📊 These insights provide a snapshot of the current economic conditions, highlighting key trends and indicators to watch.
