The US economy is a major force that can move markets, and its impact on the cryptocurrency market is undeniable. Every economic shift in the US has the potential to influence everything from stock prices to crypto valuations.
So, what should we be paying attention to this week? From housing reports to speeches from key Federal Reserve members, this week is packed with events.
Keep reading to find out how these could impact your investments.
Today, February 17, the US observes President’s Day in honor of George Washington’s birthday. As a result, major US exchanges, including the Nasdaq and NYSE, will be closed. The Securities Industry and Financial Markets Association (SIFMA) confirmed that there will be no trading on these exchanges or US bonds today.
On Wednesday, February 19, two important housing market reports will be released: US Building Permits and Housing Starts.
Building Permits: This measures the number of new housing permits issued. In December, it dropped slightly from 1.49 million to 1.48 million. Experts predict a further decline to 1.45 million, which could indicate slower economic growth.
Housing Starts: This tracks actual construction of new homes. It increased from 1.29 million to 1.499 million in December. However, analysts expect a drop to 1.39 million, suggesting weaker consumer spending and lower demand for new homes.
On Friday, February 21, the Existing Home Sales report will be released, which shows the number of previously owned homes sold. In December, this number rose to 4.24 million from 4.15 million. However, the forecast for February is a slight drop to 4.17 million. This could reflect lower disposable income and a slower housing market.
Several key Federal Reserve members will be speaking throughout the week, offering insights into US monetary policy:
This week will be packed with important events and speeches that could influence both the US economy and the cryptocurrency market.
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