The cryptocurrency market is awaiting a week full of important economic data that will determine the direction of the dollar and, consequently, the trends of Bitcoin and alternative cryptocurrencies.
$BTC $ETH
Here is the economic agenda:
๐๏ธ Tuesday:
The most important inflation day
๐ Consumer Price Index (CPI): It's the main driver of the market. Any decrease in inflation could mean a strong "rise" in crypto.
๐ New home sales.
๐๏ธ Wednesday:
A comprehensive overview of production and consumption
๐ Producer Price Index (PPI): A leading indicator of inflation.
๐ Retail sales: Reflecting the strength of the American consumer.
๐ก Existing home sales.
๐๏ธ Thursday and Friday:
Pulse of industry and labor
๐ทโโ๏ธ Initial jobless claims: (Thursday) Watched by markets to assess labor market strength.
๐ญ Philadelphia Fed Manufacturing Index.
โ๏ธ Industrial production: (Friday).
๐ก Why do we care about these data in Binance Square?
The markets are currently very sensitive to U.S. Federal policy. Lower-than-expected inflation data (CPI) implies a higher probability of interest rate cuts, which would inject liquidity into high-risk assets such as Bitcoin and Ethereum.