July Crypto Economic Calendar: Are you watching closely?

It’s set to be a busy July for Jerome Powell, the Chair of the Fed, who delivers a speech early in the month before testifying in front of Congress to provide updates on monetary policy decisions. Will we gain clarity on the timing of potential rate cuts this year, or if they are even being considered? Stay tuned for these crucial events.

What happened in June? 

June saw significant volatility across the crypto market. Bitcoin fluctuated between price highs above $70,000 and lows of around $60,000, with substantial movement around 4 June when Bitcoin peaked above $71,000, before declining on 6 June and continuing a downward trend and falling to levels last seen in May. Ethereum and altcoins mirrored this pattern, with Ethereum down approximately 11% in June.

Analysts say this volatility was largely driven by inflation data diverging from expectations, reducing the likelihood of multiple interest rate cuts by the Federal Reserve Bank this year, contrary to earlier investor anticipations.

What’s happening in July? 

What? Fed Chair Jerome Powell speech 

?  When? Tuesday, 2 July 

Why investors care: Federal Reserve Chair Jerome Powell provides an economic overview, outlines current monetary policy, offers forward guidance, and answers questions, all of which can significantly impact financial markets and investor sentiment.

What? Federal Open Market Committee (FOMC) minutes

?  When? Wednesday, 3 July 

Why investors care: The upcoming FOMC minutes from its June meeting are expected to provide more details on the Federal Reserve’s decision to keep interest rates unchanged, and its revised economic projections. Key points could include the reasons behind the more hawkish stance on rate cuts, and the implications of updated forecasts for unemployment and inflation. 

What? US unemployment rate

?  When? Friday, 5 July

Why investors care: The US unemployment rate is a key indicator of economic health, influencing consumer spending, corporate profits, and monetary policy decisions.

What happened last month? The US jobs sector added 272,000 jobs in May, above expectations of 185,000 new roles, further casting doubt on the more than one rate cut in the US this year. 

What? Fed Chair Powell testimony

?  When? Tuesday, 9 July

Why investors care: Jerome Powell is set to discuss the state of the economy, monetary policy decisions, and also outline future policy intentions in his twice-a-year testimony in front of Congress. 

What? US inflation numbers

?  When? Thursday, 11 July

Why investors care:  The year-on-year and month-on-month inflation numbers provide crucial insights into purchasing power trends, influencing market expectations for interest rates and the overall economic outlook.

What happened last month? The Consumer Price Index (CPI) climbed 0.2% in May, the smallest advance in core CPI since October 2023.

*This information is not intended to be nor does it constitute financial, tax, legal, investment or other advice; nor is it a call to trade. The information is intended as general market commentary for information purposes only. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Advisor.