As the crypto market prepares for a week of major global economic events, investors are on high alert, especially after recent inflation data surprises. These events, along with important announcements planned to be made in major economies, are set to shape the course of both traditional and digital financial markets. So let’s take a closer look at this week’s important events.
US economic data and FED developments are critical
The release of US Retail Sales Data on April 15 provides important information about the health of the world’s largest economy, setting the stage for market sentiment. Crypto market enthusiasts and global financial market enthusiasts are eagerly awaiting clues about the Fed’s future actions, especially after last week’s higher-than-expected inflation figures.
On the other hand, Fed Chairman Jerome Powell’s speech scheduled for April 16 is further fueling speculation as crypto market participants seek clarity on potential policy rate adjustments under evolving economic conditions. Additionally, Fed Governor Michelle Bowman’s remarks on April 17 provide additional context as markets examine signals about the economic health of the United States and potential policy adjustments from the Federal Reserve.
CPI index and critical data in other countries
Notably, last week’s US Consumer Price Index (CPI) data revealed a 3.5% increase in March inflation. This was slightly above market estimates of 3.4% and higher than the previous rate of 3.2%. In contrast, the US Producer Price Index (PPI) rose 2.1% in March; This marks a significant increase from the 1.6% inflation rate in February. These figures suggest that ongoing inflationary pressures in the US economy will potentially influence monetary policy decisions in the coming months and increase speculation in the crypto market.
The focus then shifts to Canada’s CPI Inflation Data, also due on April 16, which provides a global perspective on inflation trends. On the other hand, China’s GDP data released on the same day provides information about the performance of the world’s second largest economy, affecting the sentiment of global crypto market investors.
Additionally, attention turned to the Euro Zone with the announcement of Euro CPI inflation data on April 17. Following the surprise in US inflation data, the crypto market will be watching these indicators closely for their potential impact on global financial markets. Meanwhile, amid rising volatility, crypto market participants are shaping investment strategies across traditional and cryptocurrency assets, looking for clues about inflationary pressures and policy responses.
What’s next in the crypto market?
The economic events of the week underscore the interconnectedness of the global financial sphere and the crypto market. As investors navigate the evolving economic environment, these key data releases and speeches serve as pivotal moments, influencing market sentiment and driving price movements. Additionally, Bitcoin Halving is scheduled to take place next week and this may affect BTC price momentum in the coming days. Considering the increase in BTC price after previous halving events, it is noteworthy that investors are eagerly waiting for this event.
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