1. Economy
- Eurozone Growth rose 0.1%, unexpected compared to expectations of a 0.1% contraction
- IMF said UK The only leading economy to head into recession in 2023
- These are positive data points but they could affect the all-important Federal Reserve meeting we Tomorrow
- Wednesday also brings the first jobs report of 2023, the number of job openings for December from the Labor Department.
- A 25 bps hike seems a certainty, but all ears will be on Jerome Powell’s speech about the path forward for the rest of 2023
2. Stock market
- S&P 500 Heading For Its Best January Since 2019 Despite Pullback Monday
- Busiest week of earnings ahead, with 20% of the index reporting this week
- McDonald’s and General Motors side with tech giants today apple, meta And Alphabet especially key later in the week
- Markets should see volatility tomorrow depending on the seriousness of Powell’s speech about raising interest rate policy
3. Crypto
- crypto muted again this week, Bitcoin still holding about $23K
- Such Is The Sector’s Correlation With Interest Rates, Wednesday Is The Biggest Day So Far For Crypto This Year
- Big moves may well be in play, with a strongly bullish tone from the Fed, with the potential to nuke bitcoin’s recent gains. The flip side is also true, if Powell strikes a softer tone than the market expects, the uptrend will definitely begin
- Not much news in crypto beyond this, bitcoin set for its best January since 2013 unless the Fed screws things up tomorrow
4. Other Assets
- Sleep Multiple forex continues to trade strongly at all-time highs
- Fed meeting will hit its hopes of a push towards the psychologically important $2,000 level on Wednesday
- real estate Home loan approvals in the UK fell to 35,600, well below expectations of 45,200 and the lowest since the depth of lockdown in May 2020.
- Forex markets have been relatively quiet this past week, as traders brace themselves for a coming storm ahead of key rate announcements in the US (Wednesday), UK (Thursday) and Eurozone (Thursday).
5. What to watch
- With earnings season getting into full swing, the Fed meeting Wednesday, jobs numbers Friday, and the ECB and Bank of England also meeting, this week has been one of the most important for markets in some time.
- Watershed moment for the economy as it represents the first Fed meeting in some time where there are real hopes of concrete changes to the long-term plan
- There can be extreme moves in the tech sector and crypto in particular, with big names reporting earnings ahead and crypto going along with interest rate expectations, but all sectors should see upward moves.
Post weekly market tl; DR: Huge week ahead for stocks, crypto and forex first appeared Invez,
Bitcoin Crypto Related Post