As we enter the final turn of the year, the financial world continues to remain on edge with a week full of important economic indicators and important decisions of major central banks. Here are a few developments that may be critical for Bitcoin and altcoins next week…
This week is critical for Bitcoin and altcoins
US Core CPI will be released on Tuesday at 16:30. All eyes will be on the release of the US Core Consumer Price Index (CPI) as the market assesses the state of inflation. The previous figure was at 4% and any deviation will undoubtedly impact market sentiment. Additionally, the standard Consumer Price Index for the US is expected to be 3.1%, a slight decrease from the previous 3.2%. Investors will carefully monitor this indicator to gain insight into inflation trends.
On Wednesday, FED is on the agenda
On Wednesday, December 13, the FED will be on the agenda. At 16:30, US Core PPI attracts attention. The Producer Price Index (PPI) provides a critical perspective on inflation from the production side. We will watch whether there is any increase in the monthly expectation of 0.2%. On the same day, general PPI outside the core will be on the agenda. The overall PPI is expected to increase modestly by 0.1%, following the previous decline of -0.5%. This metric is important in terms of its impact on consumer prices. On the same day, the Fed’s decision regarding the interest rate decision will come. The FED’s decision on interest rates and the accompanying long-term interest rate forecasts will be announced. The expectation is that interest rates will remain constant. Additionally, Fed Chairman Jerome Powell’s statements following the interest rate decision will be examined for insights into the central bank’s forward-looking strategy.
There is also critical data on Thursday and Friday
On Thursday, at 16:15, the European Central Bank’s interest rate decision will be revealed. The European Central Bank’s interest rate decision is expected and the expectation is that there will be no change. Global markets will focus on the signals the ECB will give regarding its monetary policy stance. At 16:30, US Core Retail Sales will be released. Retail sales figures are an important indicator of consumer spending. The market expects a slight contraction of -0.1% and deviations may affect market movements. Additionally, US unemployment claims data continues to be closely watched for signs of the health of the labor market. Deviation from the expected level of 223 thousand may affect investor sentiment.
US Manufacturing and Services PMI Data will be released on Friday, December 15, at 17:45. Purchasing Managers Index (PMI) data for the manufacturing and services sectors will be released and provide insights into economic activity. Expectations for these key indicators are high. On the same day, in a notable development in the cryptocurrency space, Binance is preparing to delist BUSD. Throughout the week, market participants will navigate an environment shaped by economic data, central bank decisions and developments in the cryptocurrency market.
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