Important economic events that will impact crypto markets this week

June 20, 2023 07:39 PM AEST | By Invezz

Important economic events that will impact crypto markets this week — Image source: Invezz

Economic events that will impact cryptos this week

2/ But the week ahead holds more crucial events that could shape market trends. One of the highlights will be Fed Chairman Jerome Powell's testimonies before the US Senate and House of Representatives. #FedPolicy
— Zamanfou (@MikePalier) June 19, 2023

Cryptocurrency prices declined slightly on Monday as market players brace for upcoming economic events this week. As invezz.com news indicate, the recent hawkish pause by the Federal Reserve continues to weakened the US dollar.

The dollar index (DXY) plunges mean upticks for Bitcoin as the bellwether crypto moves contrary to the US dollar and treasury yields.

Jerome Powell’s testimonies & more

Federal Chair Jerome Powell will testify before the House Financial Services Committee on July 21 & the Senate Banking Committee the following day (Thursday). Market players will look for new financial policy guidance for the upcoming months.

Fed officials Philip Jefferson and Lisa Cook will appear before the United States Congress. Moreover, James Bullard, Raphael Bostic, and John Williams will comment on behalf of the Federal Reserve this week.

The Bank of England will reveal its new interest rate on Thursday. Considering the high inflation, market players expect another 25 bps hike. Furthermore, traders will watch for new financial guidance from the European Central Bank following last week’s rate increase.

Several nations will announce their inflation figures in the week ahead. Also, China’s decision on re-launching activity via stimulus and other practices will likely influence cryptocurrency markets in the coming seven days.

The week ahead appears busy for cryptocurrency investors. Enthusiasts should watch all economic events that can influence prices for informed decisions.

The post Important economic events that will impact crypto markets this week appeared first on Invezz.

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