Crypto Market Braces For FOMC Rate Decision & US CPI, PPI Inflation Data
The crypto market witnessed tumultuous trading last week, with a positive start which soon turned otherwise by the end. Notably, the week started on a high note with soaring anticipation over Bitcoin reaching a new high, as per several analysts’ predictions. However, after Friday’s robust U.S. Job Data, the sentiment has changed suggesting a hawkish stance by the Federal Reserve.
Amid this volatile scenario in the market, investors will be keeping a close watch on the upcoming key events scheduled for next week.
Crypto Market To Keep Close Track Of These Key Events
US CPI & PPI Inflation Data Impact On Crypto Market
The crypto market investors will keep a close track of the key inflation figures for this week, with the U.S. Consumer Price Index (CPI) for May scheduled for Wednesday, June 12. The CPI and the Core CPI, key gauges to measure price changes, will give a clear insight into the current inflation level in the U.S.
In addition, the U.S. Producer Price Index (PPI) and the Core PPI are other crucial metrics to analyze the inflation trends in the country. Notably, the U.S. PPI and the Core PPI inflation data for May are expected to be released on Thursday, June 13.
These two data might set the stage for the Fed’s future stance with their interest rate plans. After the mixed U.S. Job data last week, these data would provide more insights to the crypto market investors as well as in the broader financial sector on how the U.S. Federal Reserve will tackle the inflationary pressures.
FOMC Interest Rate Decision & Jerome Powell Conference
Following the release of U.S. CPI inflation data on June 12, the FOMC interest rate decision and Fed Chair Jerome Powell’s press conference will occur on the same date. Although the broader market anticipates the Federal Reserve to keep its policy rate unchanged, the Fed remarks will shed light on the potential future move of the central bank.
Meanwhile, the crypto market watchers were previously expecting at least two rate cuts this year, with bets cemented for November, the last week’s gloomy labor market data now paints a mixed picture. Considering that, the Fed’s remarks will play a key role in shaping the future performance of the crypto market this week.
Bottom Line
Apart from these key events, the monthly U.S. Federal Budget will be also released this week on Wednesday. In addition, the preliminary consumer sentiment details will also be released on June 14, which will provide insights into the crypto market over the market trends.
Meanwhile, after the European Central Bank’s (ECB) decision last week to trim their interest rate by 25 bps points, optimism soared considerably in the crypto market. Besides, several market watchers were also expecting a similar move by the U.S. Federal Reserve in the coming days.
However, the sentiment was soon changed due to the stronger-than-anticipated job data, which weighed on the sentiments causing a massive crypto market selloff last week. Considering that the set of economic data and key events this week is likely to shape the future of the crypto market performance.
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