This week is packed with important data releases that could present some opportunities for traders, especially those in crypto. Here’s a quick rundown of the key events to watch out for:
Monday, September 23rd, 2024: S&P Global Services PMI
On Monday, the highly anticipated release of the S&P Global Services PMI will take place. This index captures business conditions in the services sector, which contributes significantly to the GDP. Although it’s not a major market mover, day traders might find this data useful as it reflects economic health in a sector that makes up a large part of the economy.
Tuesday, September 24th, 2024: Consumer Confidence Data
Tuesday brings us the Consumer Confidence data, which is more significant. This report is a key economic indicator and a sentiment gauge for overall market health. How investors interpret this report will be crucial—positive data could boost investor interest in high-risk assets like cryptocurrencies. If confidence is high, expect risk appetite to rise.
Wednesday, September 25th, 2024: August Home Sales Data
On Wednesday, August home sales data will be released. While this isn’t typically a big market mover, it offers opportunities for scalpers looking to trade short-term movements. Keep an eye on the report if you’re into real estate market trends or want to catch small price movements.
Thursday, September 26th, 2024: Durable Goods Orders & Final GDP Reading for Q2
Thursday will see two data releases: durable goods orders and the final Q2 GDP reading. Neither are likely to shake the markets much, but for scalpers, there are still chances to capitalize on short-term volatility. Durable goods data can offer insight into future economic strength, while the GDP reading provides a final look at Q2’s economic performance.
Friday, September 27th, 2024: PCE Index Report
Friday is the day to watch. The PCE (Personal Consumption Expenditures) Index report is scheduled, which directly correlates with inflation rates. If you’ve been trading crypto for a while, you know the relationship between inflation and crypto prices is significant. A higher-than-expected PCE reading could lead to increased volatility in the crypto markets, especially with Bitcoin and Ethereum.
Saturday, September 28th, 2024: Quiet Day
Not much is happening on Saturday, so this might be a day to sit back, take a break, and review your trading strategies for the following week.
Sunday, September 29th, 2024: CZ’s Release from Prison
The final day of the week is another important one, as Binance CEO Changpeng Zhao (CZ) is scheduled to be released from prison. This news could lead to a surge in Binance Coin (BNB), as market sentiment around CZ’s leadership will likely impact the token. Traders should keep a close watch on BNB this week in anticipation of this event.
This week presents a balanced mix of economic data releases and a key event in the crypto world. Traders, especially those in the crypto space, should stay alert and monitor these data points closely to find good trading opportunities.
ENG WANJIKU
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