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Market Week Ahead: Bitcoin, Fed Speeches and US Earnings

statue infront of the new york stock exchange

The world market was seen turbulent last week and could follow a decline of risk appetite followed by recent market asset performance. Bitcoin, Fed Speeches, and US earnings reports will be highlighted this week.

Here’s a summary of what you need to watch out for this week.

Bitcoin Prices

The world’s largest cryptocurrency extended losses on Friday after China announced it will crack down on Bitcoin mining and trading activities. 

The U.S. Treasury Department on Thursday called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve

US Earnings and Indices

Earnings season is continuing to wind down but there are still some retailers left to report, most notably Best Buy (NYSE:BBY), Costco (NASDAQ:COST), and Nordstrom (NYSE:JWN).

 The Dow Jones closed -0.5% lower on the week, though the DAX managed to gain 0.1% after being down as much as -3.0%

Economic Data Release

The key data to watch in the coming week will be Friday’s personal income and spending data, which includes the personal consumption expenditures (PCE) index.

Data on consumer confidence, house prices, and new home sales are out on Tuesday, while figures for durable goods orders and initial jobless claims will be released Thursday.

Fed Speeches

Fed Governor Lael Brainard is to speak about digital currencies at the virtual Consensus by CoinDesk Conference on Monday

Atlanta Fed President Raphael Bostic and Kansas City Fed President Esther George both speak on Monday.

Fed Vice Chairman Randal Quarles is due to testify on the Fed’s supervision and regulation of the financial system before the Senate Banking Committee on Tuesday.

(SOURCES: Investing.com and DailyFX)


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