US Economic Events This Week: What Crypto Traders Need to Know

US Economic Events This Week: How They Could Affect Your Crypto Trades

US Economic Events This Week – The US economy and the cryptocurrency market are closely intertwined, with economic events in the US having a direct impact on market movements. As such, it is crucial to stay updated on these developments. This week, several important economic events in the US will shape market sentiment, including key reports on housing and speeches from Federal Reserve officials.

President’s Day: Exchanges Closed on February 17

On February 17, the US celebrates President’s Day, commemorating the birth of the first US president, George Washington. On this day, major US exchanges, including Nasdaq and the New York Stock Exchange (NYSE), will remain closed. The Securities Industry Financial Market Association (SIFMA) announced that trading on US exchanges and US bonds will be suspended, affecting the overall trading environment.

Key Economic Indicators: Housing Market Data on February 19

On Wednesday, February 19, two crucial housing market indicators will be released: Building Permits and Housing Starts. The Building Permits index is expected to show a further decline from 1.48 million to 1.45 million, signaling reduced economic expansion. Meanwhile, the Housing Starts index, which tracks actual home construction, is expected to decrease from 1.499 million to 1.39 million, indicating weaker consumer spending.

Prime Event: Existing Home Sales on February 21

On Friday, February 21, the Existing Home Sales index will be released, tracking the number of homes sold in the previous month. The consensus is that it will decrease slightly from 4.24 million to 4.17 million, signaling lower disposable income among consumers.

Key Speeches by Federal Reserve Officials

This week, several high-profile Federal Reserve officials will give speeches, offering insights into US monetary policy. On Monday, February 17, Patrick T. Harker and Michelle Bowman will speak. On Tuesday, February 18, Michael Soloman Barr, Mary C. Daly, and Christopher J. Waller will take the stage. Later in the week, Philip Jefferson and Alberto Musalem will speak on Thursday, February 20, and Adriana Kugler will give her speech on Friday, February 21.

As these events unfold, the cryptocurrency market will likely react to any economic shifts or signals from US policymakers, making it crucial for traders to keep a close eye on this week’s economic calendar.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.