This week, the US will witness several major economic events, including the US Core PPI YoY, the US Core Inflation Rate YoY, the US Retail Sales MoM, the US Philadelphia Fed Manufacturing Index and the US Housing Starts Index. In addition to the planned index releases, at least four Fed speaker events are also expected to take place this week. Let’s analyze the scenario a little deeper. Finished?
Major index releases this week in the US
US Core Annualized PPI
The U.S. Core Producer Price Index, which measures average changes in the prices domestic producers receive for their output, excluding volatile products such as food and energy, will be released tomorrow.
In October this increased from 3.2% to 3.4%. There was no change in November. This is expected to drop to 3.2%.
US annual core inflation
The US Core Inflation Rate index, which evaluates changes in the prices consumers pay for a basket of goods excluding volatile food and energy, will be released the day after tomorrow.
In September this grew from 3.2% to 3.3%. In the last three releases (September, October and November) there has been no change. It is expected that no change will occur this time either.
US retail sales on a monthly basis
The US Retail Sales MoM index, which provides an aggregate measure of sales of retail goods and services over a one-month period, will be released on Thursday.
In November, the interest rate rose from 0.5% to 0.7%. This is expected to drop from 0.7% to 0.5%.
CAPEX of the US Philadelphia Fed
The Philadelphia Fed Manufacturing Index, which measures the direction of change in overall business activity in the US state, will be released on Thursday.
In December it fell from 24.9 points to 18.8 points. In January 2024 this was 7.5 points. In September it reached an annual high of 25 points.
American housing begins
The U.S. Housing Starts Index, which examines the number of new housing projects started in a given month, will be released Friday.
In November it fell from 1.31 million to 1.29 million. This is expected to rise from 1.29 million to 1.31 million.
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Major Fed speeches this week in the US
- Kansas City Fed President and CEO Jeffrey Schmid will address the press tomorrow.
- New York Fed President and CEO John Williams, Richmond Fed President and CEO Tom Barkin, and Minneapolis Fed President and CEO Neel Kashkari will separately address the press the day after tomorrow.
In conclusion, we can say that these economic events are likely to have a significant impact on the cryptocurrency industry. A potential drop in US core PPI or inflation rates could strengthen Bitcoin and other crypto assets as reduced inflation signals lower interest rates. The date of retail sales may indicate shifts in consumer spending, which will impact cryptocurrency adoption. Fed officials’ speeches could hint at future monetary policy, which could impact investor sentiment toward risky assets like cryptocurrencies. If housing construction or manufacturing indexes show growth, they could counter crypto gains as traditional markets appear more stable. This week’s date will be crucial in shaping the trajectory of the crypto market.
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