The market in general is red, investors are scared, and lending protocols must fear for their existence – although the sideways trend is over, this doesn’t bode well for most people in the crypto space. Also in the youth week there are dates that could affect the prices of Bitcoin and Co. Most important of them below.
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The US Federal Reserve is raising interest rates
On Wednesday, June 15, at 20:00 (CET), the US Federal Reserve will announce an increase in interest rates by all market participants. Most analysts currently assume an interest rate hike of 50 basis points to 1.50 percentage points. Due to an inflation rate of 8.6 percentage points in May, some major players, such as the US bank, see it JP Morgan, now also considers a rate hike of 75 basis points justified. Furthermore, the economic and financial situation in the USA and the economic outlook are published in the so-called FOMC statement.
At 8:30 pm (CET), Fed Chairman Jerome Powell will hold a press conference in which he will answer questions about the US Federal Reserve’s financial policy.
Retail sales in the US will also be announced as early as Wednesday afternoon at 2.30pm (CET). These are considered to be an important indicator of consumers’ shopping mood. More recently, these had fallen well short of their analysts’ expectations. Most market players currently expect sales to end consumers to increase by 0.8 percentage points. A reading below this forecast would indicate growing concerns among consumers.
Bank of England announces rate decision
The Bank of England (BOE) will announce its interest rate decision for June on Thursday 16 June at 1pm (CET). Market watchers currently assume an interest rate hike of 25 basis points to 1.25 percentage points. A higher than expected rise in interest rates is likely to further increase pressure on the equity sector and especially on risky asset classes.
The number of initial jobless claims in the United States will then be announced at 2.30pm (CET). 215,000 new initial applications are currently expected. Significantly above this forecast would be a first indication of a medium-term change of direction by the Fed as new tax cuts may be needed to avert a sharp rise in US unemployment.
Consumer price index in the Eurozone
On the last trading day of the week, June 17, data on the consumer price index (CPI) in the euro zone will be released at 11:00 (CET). Analysts’ forecast is an increase of 0.8 percent over the previous month. Again, a higher value is likely to put the European Central Bank (ECB) in need of more and more action and make faster hikes in interest rates more likely.
The triple expiration of options on the so-called Witches’ Sabbath should also lead to increased volatility in global financial markets. Because next Friday the options on indices, stocks and commodities with a volume of 3.2 trillion dollars expire. Four times a year, on the third Friday of the month, bets are settled on a wide variety of asset classes. Statistically, the volatility increases significantly on the expiry date itself and in the previous days.
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