Cryptocurrencies are gearing up to price key economic data scheduled for the first days of May. In this article, you can find the most important macro events and market expectations for the next week.
Cryptocurrencies will price these macro events next week
1 May
USA – Production Purchasing Managers Index (PMI) will be released on Monday at 4:45 PM. The previous PMI was 49.2. May forecast is at 50.4 level. Also, Bitcoin whale MicroStrategy (MSTR) will announce its earnings report. The company reported a profit of $132 million in February. The expectation for May is 120 million dollars.
According to Tokenunlock data, GMX (GMX), Cosmos (ATOM) and Acala (ACA) will unlock tokens worth $1.1, $3 and $2.5 million respectively on Monday. Other token unlock events on May 1 are as follows:
US Federal Reserve (Fed) interest rate decision (May 2-3)
The Fed continues on its path to normalize monetary policy. Meanwhile, the potential impact of interest rate hikes on cryptocurrencies has become the subject of intense debate. Next week, the Fed will hold a crucial meeting where the vote on potential rate hikes will take center stage.
The highly anticipated FOMC meeting will take place on May 2-3. It will end with Fed Chairman Powell’s announcement of the decision on May 3. Market participants are waiting for the possible outcome – 25 basis points – at this important May FOMC event. Then, the Fed is expected to pause the rate hike trajectory, starting with the June 13-14 FOMC meeting.
2 May
Euro Zone Core Inflation and Inflation rates will be announced on Tuesday, May 2, at 12:00. Experts expect Core Inflation to be 5.7%. At the same time, Eurozone Annual Inflation data will be released. The expectation is at the 7% level.
US JOLTS data will also be released on the same day at 17:00. The market expectation is 9,683M. In the previous data, the expectation was 9,931M.
3 May
The ADP Non-Farm Employment Change in the US will be announced on Tuesday, May 2 at 3:15 PM. The market expectation is 145,000. In previous data, the ADP figure was recorded as 145,000.
US Service PMI data will be released at 16:45 on the same day. The market expectation is at 53.7. It was recorded as 52.6 in previous data.
May 4
Euro Zone Producer Inflation data will be released on Thursday, May 4 at 12:00. The market expectation is that Producer Inflation will be at 6.2%. Producer Inflation rate was recorded as 13.2% in previous data.
On the same day, at 15:15, the Euro Area Interest Rate Decision will be announced and the market expectation is for an interest rate hike (+25bp). US Unemployment Claims data will also be released on the same day at 15:30. The market expectation will be 240,000. In the previous data, the number of applications was recorded as 230,000.
In addition, a new European Central Bank Press Release will be made at 15:30. Reserve Balances of Fed Banks will also be announced on Thursday, May 4 at 23:30. The mobile wallet upgrade of VeChain (VET) will also take place on this date.
5th of May
Nonfarm Payrolls data will be released in the US on Friday, May 5, at 15:30. The market expectation is 180,000. In the previous data, the number of employment was recorded as 236,000. At the same hour, the US Unemployment Rate will also be announced and the market expectation will be 3.6%. The unemployment rate was recorded as 3.5% in the previous data.
At the same time, US Average Hourly Earnings data will be released at 15:30, with a market expectation of 0.3%. Fed officials Mary C. Daly and Thomas I. Cook are expected to speak at 20:00 on Friday.
Altcoin update, upgrade news planned for May
As Kriptokoin.com, we have included the important altcoin developments planned for May in this article.
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