A busy week is coming up on the US economic calendar as investors look ahead to a meeting of central bank policymakers on Wednesday.
The stock market has shown signs of recovery, but the same cannot be said for the cryptocurrency market which is facing heavy resistance .
Volatility could pick up again as all eyes will be on the US Federal Open Market Committee (FOMC) meeting and minutes this week alongside economic data reports.
The first economic event of the week is the FOMC meeting on Wednesday, where the July meeting minutes and policy decisions will be discussed.
This provides an in-depth report on the US Federal Reserve (Fed) policy outlook and includes detailed information on the committee members' views on monetary policy. It also provides insight into their opinions regarding the economic situation and future trends.
The S&P Global Manufacturing and Services PMI reports for August will be released on Thursday. These reports provide a snapshot of business conditions in the U.S. manufacturing and services sectors, representing overall economic health.
Policymakers use these reports as forward-looking indicators reflecting trends in the overall economy.
There will be another Fed speech on Friday. Chairman Jerome Powell will take the stage at the Jackson Hole Economic Policy Symposium, an annual global forum for central bank governors, policy experts and academics in Wyoming.
His speech is expected to set the stage for an expected rate cut in September and by how much in the months following.
Recent economic data reports show inflation continuing to fall toward the Fed's 2% target, consumer spending holding up and unemployment not getting worse.
Michael Gapen, chief economist at Bank of America Securities, wrote in a note to clients on Friday:
“Recent data flows are consistent with our soft landing forecast.”
While tech stocks have Dip out, cryptocurrencies have lagged.
Total market Capital was down 2.17% on the day at $2.07 trillion, though it remains in a narrow range since recovering to over $2 trillion following a major market decline earlier this month.
Bitcoin failed to hold above $60,000 and has dropped back to around $58,454 at the time of writing.
BTC 4-hour price chart | Source: Tradingview
ETH performed slightly worse, down 3% on the day and trading at $2,587 at the time of writing.
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Dinh Dinh
According to Cryptopotato
