How will US economic data affect the crypto market this week?

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The crypto market remained relatively inactive over the weekend, maintaining gains made last week in the wake of the approval of Ethereum exchange-traded funds in the United States.

This week will see the release of more economic data such as the Consumer Confidence Index and GDP indicators.

Economic Calendar May 27-31:

Monday is Memorial Day in the US, so markets will be closed, and low volatility is expected for crypto assets.

Key Events This Week:

1. Memorial Day, Markets Closed – Monday

2. CB Consumer Confidence data – Tuesday

3. Q1 2024 GDP data – Thursday

4. April PCE Inflation data – Friday

5. Chicago PMI data – Friday

6. Total of 10 Fed speaker events this week

Short but busy week ahead.

— The Kobeissi Letter (@KobeissiLetter) May 26, 2024

Tuesday will see the release of Consumer Confidence data which improved slightly in May compared to the previous month with better than expected weekly unemployment claims.

On Thursday we will see the annual GDP growth report for the first quarter of 2024, which provides an advanced estimate and insight into the health of the economy compared to the previous quarter.

However, the US Bureau of Economic Analysis estimates that the economy has slowed to annual growth of 1.5%, which is slightly lower than initial estimates. (Continued)