Monday has a number of important events scheduled for the US calendar, including quarterly GDP data on sales, and the start of another busy economic week. Additionally, the crypto market retreated over the weekend as Bitcoin ETF enthusiasm waned and the correction continued.
Macroeconomic Outlet The Kobeissi Letter listed This is a summary of major economic events in the United States for the week beginning January 22nd. This follows a week of declines in crypto markets, which have cooled following the approval of the long-awaited Bitcoin Spot ETF in the US.
macroeconomic calendar
The Manufacturing PMI (Purchased Manufacturing Index) will be announced on Wednesday, January 24th. This captures the business performance of the manufacturing industry, which accounts for a significant portion of total GDP.
Therefore, it is an important indicator of the US economy and overall economic situation. Services PMI report will also be released on Wednesday. The direction and rate of change in the PMI typically precede changes in the overall economy, and both are expected to decline slightly.
Thursday is the quarterly gross domestic product report for the fourth quarter of 2023. GDP is a comprehensive measure of economic activity in the United States. Additionally, changes in this data point tend to reflect a country's overall economic health. It is expected to grow by about 1.8% in the fourth quarter, following 4.9% growth in the third quarter.
Read more: How to protect yourself from inflation using cryptocurrencies
The December Core Personal Consumption Expenditure (PCE) report will be released on Friday. This data reflects the average amount consumers spend each month, excluding seasonal items such as food and energy.
Central bank policymakers use the annual core PCE price index as the main indicator of inflation. Additionally, analysts expect it to show modest increases on a monthly and annual basis.
It will also be a busy week for earnings reports, with companies such as Tesla, Intel, and Visa releasing earnings data.
Virtual currency market outlook
A positive economic outlook is generally good news for high-risk assets such as cryptocurrencies. However, the market is still cooling down after three months of gains.
The total market capitalization was $1.71 trillion, unchanged from the previous weekend. Bitcoin remained unchanged after Friday's options expiration and was trading at $41,368 in the Monday morning session of Asian markets.
However, most altcoins started to retreat again, with heavy losses for Solana, Cardano, Dogecoin, and Polkadot.
At the moment, daily losses remain small, but the main color of the cryptocurrency market this Monday is red.
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