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A busy week is shaping up in the United States, with several economic reports and speeches from the Federal Reserve (Fed) on the radar. Cryptocurrency markets are already facing some volatility this Monday (14), with Bitcoin rising almost 4% to US$ 64,900. This volatility could intensify in the coming days.
During this week, investors will focus on retail sales and industrial production data. These data often serve as thermometers of economic conditions and possible inflationary trends.
Economic Outlook October 14-18
Last week, the Consumer Price Index (CPI) showed inflation slightly higher than expected, accompanied by an increase in unemployment benefit claims. This scenario generated even more uncertainty among investors about the direction of the US economy.
Additionally, the Federal Open Market Committee (FOMC) minutes revealed that a majority of the rate committee members support a 0.5% interest rate cut. The market is already projecting a 0.25% cut in November.
On Thursday, the September retail sales report will be released, revealing how much consumers are spending. This will be an important indicator of economic health and demand-side inflation.
On the same day, the September Industrial Production report will also be released, which provides data on the production volume of sectors such as manufacturing, mining and public services. These figures are also indicators of economic growth and can impact the markets, including cryptocurrencies.
On Friday, the market will closely monitor data on U.S. homebuilder confidence, along with housing sector reports. In addition, several Fed officials will deliver speeches throughout the week, including Christopher Waller, Mary Daly and Adriana Kugler.
Expectations for the cryptocurrency market
Meanwhile, cryptocurrency markets have seen positive swings over the past 24 hours, with the total crypto market cap estimated at $2.36 trillion, up 1.7% on the day. The weekend was marked by some stability, with Bitcoin remaining within a tight range.
On Monday morning (14), Bitcoin approached the $65,000 mark, but remains stuck in its seven-month sideways channel, currently near the mid-range. Since the beginning of the month, the crypto market has fallen by around 5%, with no clear signs of a stronger upward movement, known as “Uptober”. Ethereum is also trading higher on Monday morning (14), around US$2,550.
