The highlights of the upcoming economic week will be the minutes of the Federal Reserve Board of Governors meeting and the major financial report of semiconductor giant Nvidia.
There are also reports on global manufacturing and services indexes and consumer inflation expectations, which may have some impact on the market.
Economic calendar May 20th to 24th
Last week, the US Dow Jones Industrial Average (DJIA) exceeded the $40,000 mark for the first time. The stock rally was boosted by positive numbers in the Consumer Price Index (CPI) report, fueling speculation that the U.S. economy is cooling and the central bank could cut interest rates in the coming months.
The US Federal Reserve's (Fed) May FOMC minutes are scheduled to be released this Wednesday. These may provide further insight into future monetary policy and the expected rate cut schedule.
On Thursday, the global manufacturing PMI for May will be released, which provides an overview of the manufacturing industry's business conditions.
A similar PMI report for the services sector will be released on May 23rd. This is an important leading indicator because the services sector accounts for more than 70% of total U.S. GDP and is a signal of changing economic conditions.
On Friday, the Michigan Consumer Confidence Index for May, which measures inflation expectations, will be released. These reports represent the results of a monthly survey on consumer confidence levels in the country.
Wednesday also saw the release of a long-awaited quarterly earnings report from semiconductor giant Nvidia, which could keep tech stocks and cryptocurrencies buoyant.
“Bulls want Nvidia to rise to record highs, bears want Nvidia to mark all-time highs,” Kobeissi Letter commented on May 19th.
Asian markets rose on Monday, May 20, tracking Wall Street's gains. Investors in the region will be watching Japan's inflation statistics and South Korea's interest rate decisions this week as they await their respective economic data.
Impact on the virtual currency market
As there are no major economic events this week, the crypto market is unlikely to be significantly affected and volatility is likely to remain low.
The crypto market was booming last week, with total market capitalization exceeding $2.5 trillion, and continued to rise over the weekend. However, in the past 24 hours, he fell slightly, dropping by 1.2%.
Bitcoin fell to an intraday low of $66,000 but found support there and back up to $67,000 at press time during Monday morning Asian trading session.
After hitting a weekend high of $3,142, Ethereum fell 1.3% on the day to $3,078. This Monday morning, altcoins were mostly in the red.
