Crypto News– This week promises to be quite eventful on the economic front, primarily due to a scheduled address by the Federal Reserve Chair. Additionally, the escalating geopolitical tensions are contributing to the market’s current volatility.
Weekly Economic Calendar: Speech from the Federal Reserve Chair, Retail Sales Data, and Geostrategic Developments
In its recent report on October 16, The Kobeissi Letter detailed the prominent economic events set to unfold in the United States this week. The report also sounded a note of caution, emphasizing that geopolitical conflicts are exerting a negative influence on market sentiment, which, as of now, remains pessimistic.
In my opinion, this war has a high risk of leading to several other conflicts of different types in a number of places, and it is likely to have harmful effects that will extend beyond those in Israel and Gaza.
Ray Dalio
On Tuesday, there’s the eagerly anticipated release of US retail sales data, a vital gauge that tracks changes in the total value of retail-level sales. This figure holds a pivotal role as it serves as the primary indicator of consumer spending, a key driver of the overall economic activity. Projections indicate a slight decline, signaling bearish sentiment for the broader economy.
Wednesday brings with it some housing and construction data, but these are not expected to significantly impact the broader financial markets.
The highlight of the week comes on Thursday, October 19, when Fed Chairman Jerome Powell is scheduled to deliver a speech at the Economic Club of New York. This address comes just ahead of the central bank’s blackout period preceding its upcoming interest-rate decision.
Crypto Market Outlook
The prospect of a significant worldwide conflict is certainly unwelcome news for all financial markets, but fortunately, we haven’t reached that point.
In the realm of digital assets, the situation remains rather chilly as the crypto winter persists, and it appears this trend will endure at least through the remainder of this year. As of today, the total market capitalization has shown a modest increase of approximately 1%, bringing it to a total of $1.1 trillion. Nevertheless, it’s worth noting that this value has been ensnared
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