👀 Six Things to Watch for Crypto Market Impact This Week 👀

⚡️ This week is shaping up to be busy on the U.S. economic calendar, with positive momentum in the crypto market.

🤑 All eyes are on the PCE inflation data, the Federal Reserve’s preferred measure of inflation, which could influence a potential rate cut decision in September.

🔔 Additionally, a significant shake-up in the U.S. presidential election race, as Joe Biden steps aside, could also impact the markets.

🔺 Economic Events: July 22 to 26

- Wednesday: Preliminary readings for July’s 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:June’s 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 July’s 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.

🔺 Around 20% of S&P 500 companies are reporting earnings this week, including major players like Google’s parent company Alphabet and Elon Musk’s Tesla.

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