Upcoming Economic Events & Forecast | 20th June, 2022

Check out the juiciest upcoming economic and crypto-related events happening this week that we believe you should definitely keep your eye on 👁️. Let's have a look at what we have coming up…

NFT.NYC

• Date & Time: Monday 20th - 23rd June
• Influenced Assets: ETH and other chains supporting NFT’s
• Previous Figures: N/A
• Prediction: N/A

Why Our Traders Care: Since 2018, NFT.NYC 🖼️ has been an avenue for the emerging NFT community, which includes artists and creators. This expansive event currently has over 1,000 speakers all coming from different aspects of the Web3 space. This could potentially be that great little kick 🦶 that ETH needs to keep it from spiralling, as the majority of NFT’s are most often found on the Ethereum Blockchain. Meaning ETH will be used as the transaction currency in most cases. Overall, great publicity for the web3.0 space! 🚀

European Central Bank President Lagarde Speaks

• Date & Time: Monday 20th June, 4pm GMT+3
• Influenced Assets: EUR
• Previous Figures: N/A
• Prediction: N/A

Why Our Traders Care: The 🏦 European Central Bank’s President, Christine Lagarde is set to speak. As head of the ECB which controls short term interest rates, she has more influence over the euro's value than any other person. Traders watch her speeches closely 👀 as they are often used to drop subtle hints regarding future monetary policy and interest rate shifts. Her comments tend to determine a short-term positive or negative trend. ECB President Lagarde is to testify in front of the European Parliament in Brussels on Monday and likely to be closely questioned about progress on the bank’s new crisis-fighting tool since its announcement last week. Some analysts and traders think the new tool may allow the central bank scope to implement more aggressive rate hikes if needed so a close eye on how this will affect the dollar and therefore crypto will be set.

Existing Home Sales Report

• Date & Time: Tuesday 21st June, 5pm GMT+3
• Influenced Assets: USD and global markets
• Previous Figures: 5.61 million
• Prediction: 5.40 million

Why Our Traders Care: This report is a leading indicator of economic health because the sale of a 🏠 home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

The results of this report is expected to show that the sales of existing homes will have slowed down 🐢 in comparison to previous months. This is partly due to the mortgage rates continuing to rise which will potentially lead to a greater lack of affordability, and ultimately a lack of investing in the financial markets.

Consumer Price Index (year on year) UK

• Date & Time: Wednesday 22nd June, 9am GMT+3
• Influenced Assets: GBP, EUR and global markets
• Previous Figures: 9%
• Prediction: 9.1%

Why Our Traders Care: This is considered the UK’s most important inflation data because it is used as the central bank's inflation target. Consumer prices account for a majority of overall inflation which is important to currency valuation because rising prices lead the central bank to raise interest rates. The Bank of England warns that as the cap on gas prices increases in October, headline CPI could reach 11%. After rebounding in April, the British consumer is being forced to slow down. This is important data to traders 🤓, especially in forex trading, as volatility will be evident on the release of the reports.

Federal Reserve Chair Jerome Powell Speaks

• Date & Time: Wednesday 22nd June, 4.30pm GMT+3
• Influenced Assets: USD and Global Markets
• Previous Figures: N/A
• Prediction: N/A

Why Our Traders Care: Just as the speech from the President of the ECB 🏦 on the previous Wednesday, Powell, Head of the US Central Bank, which also controls short-term interest rates in the states, has more influence over the nation's currency value than any other person. Traders here will also scrutinise his public engagements as they are often used to drop subtle clues regarding future monetary policy, which can be traded on his remarks.

Last Wednesday, the Fed hiked rates by 75 basis points and flagged a faster pace of future rate hikes 🤯. Powell said the Fed cannot control all the factors that contribute to higher inflation, like the war in Ukraine which has pushed up energy prices. Market participants fear that the Fed’s aggressive rate hike path risks pushing the economy into recession and with signs of slowing growth and U.S. stocks now in bear market territory, Powell may be pressed for more details on how the Fed can curb inflation without causing too many disturbances in the economy and markets.

Crypto Expo Milan

Date & Time: Thursday 23rd June - 26th June Influenced Assets: Cryptocurrency Market Previous Figures: N/A Prediction: N/A

Why Our Traders Care: A crypto event worth checking in Europe this week is the Crypto Expo Milan! This event will be 4 days dedicated to Bitcoin, Cryptocurrencies, Blockchain, DeFi, Web3.0, and NFTs. Events like this always keep the sentiment and confidence up of those attending or following online, generating a buzz with new and exciting developments. With many community partners and top sponsors attending, there will also be workshops to attend as well as the main conference.

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