How Will This Week’s Economic Calendar and Fed Meeting Impact Crypto Markets?

This week will be a short one in the United States, with closures for the Thanksgiving holiday on Thursday and Friday. Therefore, the light economic calendar is unlikely to impact crypto markets, but there is a Federal Reserve meeting on Tuesday to keep an eye on.

On November 20, macroeconomics outlet The Kobeissi Letter listed this week’s key economic events for the United States. They included a Fed minutes meeting, which is likely to highlight central bank policy for the rest of the year.

The Week’s Economic Calendar

Monday will see the release of the US leading economic indicators report, which is expected to remain unchanged from the previous month.

Tuesday has the existing home sales data and, more significantly, the minutes of the Fed’s October 31 to November 1 FOMC meeting.

The main takeaway from the last Fed policy meeting was how dovish Chairman Jerome Powell was. Analysts and markets are hoping for more dovishness this week, but the Fed may take some of it back.

Moreover, recent indicators suggest that economic activity expanded steadily in the third quarter, and last week’s inflation data was positive. However, the Fed is prepared to tighten policy further if needed, and another rate hike down the road could be on the cards.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

There may be short-term market volatility on the day, but no major impact is expected. Additionally, the Nvidia earnings report is expected to be released on Tuesday. 

Wednesday will see initial jobless claims, which are expected to fall. Durable goods orders are also expected to decline 3.5% in October.

US markets are closed on Thursday for Thanksgiving but reopen for half a day on Friday. S&P Flash US services and manufacturing PMI figures will be released on Friday. Over the past few months, they have both hovered around the 50 level, showing neither any expansion nor contraction. 

Crypto Market Outlook

Crypto markets have gained 2.3% over the past 12 hours or so. This has lifted the total crypto market cap to $1.45 trillion during Monday morning trading in Asia.

BTC has made a similar percentage gain to rise to $37,343 at the time of writing. It spent most of the weekend hovering around $36,500.

Ethereum has topped $2,000 again, with a daily gain of 2.8%. 

Other well-performing altcoins at the moment include Solana, Chainlink, and Avalanche, and most of them are in the green. 

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