Trusted

Weekly Economic Calendar: Fed Chair Speech, Retail Data and Geopolitical Tensions

3 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • This week's economic calendar includes a speech from the Federal Reserve chair and release of US retail sales data.
  • Despite the busy economic calendar, none of the events are expected to significantly impact the crypto markets, which remain flat.
  • Billionaire investor Ray Dalio warns of a potential global conflict, raising the odds of a world war from 35% to 50% over the last two years.
  • promo

This week is shaping up to be another busy one on the economic calendar with a speech from the Feral Reserve chair. Moreover, escalating geo-political tensions are only adding to the market volatility.

On October 16, macroeconomics outlet The Kobeissi Letter listed this week’s key economic events for the United States. It cautioned that geopolitical tensions are adding to the sentiment, which remains bearish. 

This Week’s Economic Calendar 

Tuesday will see the release of US retail sales data. This measures the change in the total value of sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. It is expected to fall a little, which is bearish for the overall economy.

There is some housing and building data released on Wednesday, but neither of these has much impact on broader markets. 

On Thursday, October 19, Fed Chairman Jerome Powell will speak. The speech at the Economic Club of New York comes just before the central bank’s blackout period begins ahead of its next interest-rate decision.

US leading economic indicators are also released on Thursday, along with jobless claims, though these are not expected to change.

Any airdrops this week? Find out more: Best Upcoming Airdrops in 2023

None of this week’s events are expected to change crypto markets, which have remained flat over the weekend.

However, the specter of war spilling over into other regions is a real threat, according to billionaire investor Ray Dalio.

The Israel-Hamas clash threatens to spark other bloody battles, and it’s now a coin toss whether a world war including the US and China breaks out, Ray Dalio has said. Dalio said late last week:

“In my opinion, this war has a high risk of leading to several other conflicts of different types in a number of places, and it is likely to have harmful effects that will extend beyond those in Israel and Gaza.”

He added that the odds of a,

“More uncontained hot world war that includes the major powers have risen from 35% to about 50% over the last two years.”

Crypto Market Outlook 

A major global conflict is bad news for all markets, but we’re not there yet.

Digital assets are still buried under layers of ice as the crypto winter continues and is likely to do so for the rest of this year at least. 

Total market capitalization is up around 1% on the day to reach $1.1 trillion. However, it has remained tightly range-bound since its fall in mid-August. 

Total crypto market cap 1 week. Source: CoinGecko
Total crypto market cap 1 week. Source: CoinGecko

BTC has reclaimed the $27,000 level during Monday morning trading in Asia. The asset was changing hands for $27,234 at the time of writing, up 1.3% on the day. 

The rest of the altcoins were mixed with very little movement in either direction. 

Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

profile.jpg
Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
READ FULL BIO
Sponsored
Sponsored