Another busy week lies ahead with a busy economic calendar for the United States. Major reports are once again putting inflation in the spotlight, and a busy period of bank earnings will come at the end of the week.
Macroeconomic outlet Al Qubaisi message included Key US economic events for the week of January 8.
Economic calendar for this week
They report consumer credit, trade deficit and wholesale inventories on Monday, Tuesday and Wednesday, but their impact is generally low.
However, things could get interesting on Thursday when the December CPI report is published. The CPI numbers are the highlights of this week’s economic calendar. These reports help markets assess whether inflation will continue its downward trend or stop near 3%.
The CPI is expected to rise by 0.2% in December, and such an increase in consumer prices would not be very large. However, it will halt some recent progress on inflation as the annual increase in prices could reach 3.3% from 3.1%.
This may have a knock-on effect on the Fed’s policies and efforts to lower interest rates.
The monthly budget deficit for December is scheduled to be announced on December 11, and is expected to total about $62.5 billion. Furthermore, the US national debt reached a record high of $34 trillion last week. It doesn’t seem to be slowing down.
Read more: How to protect yourself from inflation using cryptocurrencies
All eyes will be on the Securities and Exchange Commission on Wednesday, December 10. And this is the deadline for the decision of the ARK 21Shares Spot Bitcoin ETF. Analysts remain confident that the regulator will approve all applications at once to prevent first-mover advantage.
There are a slew of bank earnings calls on Friday, December 12, when the quarterly reports will be released. Wells Fargo, Bank of America, BlackRock, BNY Mellon, Citigroup and JPMorgan Chase are among the banks in the spotlight this week.
Weekend forecast for the cryptocurrency market
Economic events are unlikely to impact cryptocurrency markets, which will only make a big move based on the SEC’s decision. There may be an initial spike of good news. However, a larger dump is expected in the event of an SEC rejection.
Markets continued their slow decline over the weekend. Total capitalization fell to $1.68 trillion by Monday morning trading in Asia.
Bitcoin fell 1.4% to $43,283. Ethereum, on the other hand, fell 3% to $2,175 at press time.
Moreover, most altcoins with high market cap are taking a hit due to huge losses. Solana, Avalanche, Cardano, Polkadot, and Polygon are all significantly in the red at the time of writing.
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