Next week, market participants will closely watch key events in global markets that may affect the cryptocurrency market. Special attention will be given to U.S. Consumer Price Index (CPI) data and the speech of Federal Reserve Chairman Jerome Powell.
Inflation Data and Interest Rate Expectations
U.S. inflation data will be one of the week's most significant events. The current state of inflation will provide clues regarding the Fed’s monetary policy. Last week, the Fed announced a 25 basis point interest rate cut, and according to the CME FedWatch Tool, there is about a 65% probability of another 25 basis point cut next month.
Fed Officials’ Statements
On Tuesday, Fed board member Christopher Waller, Richmond Fed President Tom Barkin, and Philadelphia Fed President Patrick Harker will provide important evaluations regarding monetary policy. Following the inflation data, the presidents of the Dallas and St. Louis Fed will also make their statements. The weekly unemployment claims expected to be released on Thursday will offer significant insights into the U.S. labor market.
Impact on the Cryptocurrency Market
Following the recent rally in the cryptocurrency market, participants are closely monitoring the economic data to be released next week. Inflation data and comments from Fed Chairman Powell and other officials could lead to shifts in market direction. Potential changes in interest rates may have a decisive impact on cryptocurrency price movements.
The upcoming events next week may significantly influence both global markets and cryptocurrencies, depending on the direction of monetary policy and statements from key U.S. economic figures.
