In the upcoming week, the United States is set to experience a shortened trading period due to the Thanksgiving holiday closures on Thursday and Friday. While the light economic calendar is not anticipated to exert a significant influence on cryptocurrency markets, market participants are keenly observing the Federal Reserve meeting scheduled for Tuesday.
The Kobeissi Letter, a prominent macroeconomics outlet, outlined key economic events for the week in the United States. Notable among them is the Fed minutes meeting, expected to shed light on the central bank’s policy trajectory for the remainder of the year.
The Economic Calendar for the Week:
- Monday: The US leading economic indicators report is set for release, with expectations that it will remain unchanged from the previous month.
- Tuesday: Noteworthy events include the release of existing home sales data and, more significantly, the minutes from the Federal Open Market Committee (FOMC) meeting held from October 31 to November 1. The last Fed policy meeting highlighted the dovish stance of Chairman Jerome Powell. Analysts and markets are anticipating a continuation of this stance, although the possibility of some moderation cannot be ruled out.
- Wednesday: Initial jobless claims are expected to decline, and durable goods orders are forecasted to fall by 3.5% in October.
- Thursday: US markets will be closed for Thanksgiving, reopening for a half-day on Friday. On Friday, S&P Flash US services and manufacturing Purchasing Managers’ Index (PMI) figures will be released, reflecting the recent trend of hovering around the 50 level, indicating neither expansion nor contraction.
Crypto Market Analysis:
Over the past 12 hours, crypto markets have experienced a 2.3% gain, propelling the total crypto market cap to $1.45 trillion during Monday morning trading in Asia.
Bitcoin (BTC) has mirrored this upward movement, registering a similar percentage gain to reach $37,343 at the time of writing. Notably, BTC spent most of the weekend fluctuating around the $36,500 mark.
The crypto market outlook suggests cautious optimism, with short-term volatility possible on the day of the Federal Reserve meeting, although no significant impact is expected. Additionally, market participants are awaiting the Nvidia earnings report scheduled for release on Tuesday.