3 Macro Events That Could Shake Crypto Markets This Week
A relatively light week lies ahead on the US economic calendar as investors look for signals ahead of the Federal Reserves next meeting. Crypto markets remained relatively flat over the weekend with low volatility and total capitalization hovering around $2.3 trillion. Nevertheless, military action in the Middle East has continued with the US Central Command reporting on Sunday that it was conducting a new wave of strikes against Iran for the ninth consecutive night. “The strikes will continue degrading Iranian military capabilities used to attack commercial vessels and civilian mariners transiting the Strait of Hormuz,” it stated. Meanwhile, crude oil prices jumped again, with WTI hitting $85 and Brent topping $90, and US stocks continued to cool last week as inflationary pressures returned. Economic Events July 20 to 24 There are no economic reports due on Monday or Tuesday, and weekly jobless claims are out on Thursday. Friday sees the release of the S&P Purchasing Managers Index (PMI) reports for manufacturing and services, which generally reflect changes in economic growth conditions. This week‘s data will signal whether the economy remains as robust as some recent figures have shown, following last week’s below-forecast CPI inflation reports. “It appears that the disinflationary trend that began in 2023 has indeed remained