Several important reports worthy of investors' attention will be published next week, including the US CPI inflation report on Thursday. Moreover, next week will mark the start of the quarterly earnings season on Wall Street. Already on Friday, we will see the reports from the banking sector including JP Morgan, Wells Fargo and Citigroup. Emotions are also high in the cryptocurrency market following information about the distribution of assets from the bankrupt exchange Mt. Gox. Therefore, it will be worth monitoring the US500, EURUSD, and Bitcoin next week.
US500
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Create account Try a demo Download mobile app Download mobile appThe earnings season for companies for the April-June 2024 period will traditionally begin with the publication of reports from the largest banks. On July 12, we will see reports from JPMorgan, Wells Fargo, and Citigroup. This earnings season could be crucial, as the record levels observed in the indices indicate high investor expectations. However, in the previous earnings season, we saw mixed reactions after the publication of results from the banking sector. Investors' attention will focus on banks' forecasts for the second half of 2024 and confirmation of financial stability in the environment of high interest rates and a slowing economy. Therefore, it will be worth observing investors' reactions to the US500.
EURUSD
The latest FOMC minutes following the June decision confirmed that the Fed expects to see a sustained decline in inflation before starting a cycle of interest rate cuts. Inflationary pressure seems to be slowly decreasing, as shown by the latest ISM reports (price sub-index), the situation in the housing market, and stabilization in the labor market. However, the key publication remains the headline CPI inflation. On Wednesday, we will see the latest reading for June, which will influence investors' expectations regarding rate cuts in 2024, and thus the EURUSD exchange rate.
Bitcoin
Last week saw a significant divergence between Bitcoin's price and US100 listings. While Wall Street indices reached new highs, panic in the cryptocurrency market was increasing. Investors' attention was focused on the beginning of Bitcoin distribution from the bankrupt Mt. Gox exchange and further sales by the German government. The prices plunged to their lowest levels since mid-February. On the other hand, the SEC could potentially approve S-1 applications, which are necessary to start spot ETF listings on ETH. Therefore, high volatility in the cryptocurrency market may continue.
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