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- Upcoming Economic Events & Forecast | 25th July, 2022
Upcoming Economic Events & Forecast | 25th July, 2022
WEB3 Growth Summit
- Date & Time: Monday 25th July
- Influenced Assets: ETH & DeFi
- Previous Figures: N/A
Why Our Traders Care: The Web3 Growth Summit 🌐 is a virtual event that is focused on the growth of Web3 products. They will be sharing great insights on how to successfully launch and grow businesses in the Metaverse and the MetaIndustry ♾️, gathering together the world leaders to share their experience, competence, and knowledge.
This is great 🟢 for our traders and creates more bullish sentiment across the board 💪 as the more exposure and developments these communities have, the better for the long-term growth.
CB Consumer Confidence Report
- Date & Time: Tuesday 26th July, 5:00pm GMT+3
- Influenced Assets: USD and global markets
- Previous Figures: 98.7%
Why Our Traders Care: The Conference Board (CB) Consumer Confidence data report 📋 measures the level of consumer confidence in the economy. It is a leading indicator as it often predicts consumer spending 🛍️, which plays a major role in the overall economy. Higher readings point to higher consumer optimism and adversely, lower figures show increased consumer pessimism.
If we are to see a lower reading 🔻 as expected, this will build further bearish sentiment for the US economy, which leads to the assumption that traders and investors will fare less towards riskier assets and hold towards safety.
FOMC Statement & Press Conference and Fed Fund Rate
- Date & Time: Wednesday 27th July, 9:00pm GMT+3
- Influenced Assets: USD and global markets
- Previous Figures: 1.75%
Why Our Traders Care: The U.S. Federal Reserve's Federal Open Market Committee (FOMC) statement is the main data 📋 that the panel uses to inform investors about monetary policy, containing the outcome of potential interest rate changes as well as discussions on the economic outlook.
⚠️ This data is the most awaited for this week as everyone is awaiting confirmation on the next interest rate hike. Will it be a 0.75% increase as expected or could we see a higher 1% interest rate hike? News of this is likely to make the markets very volatile at the time of release, and many traders will be standing by to snipe their trades in.
Blockchain Economy Istanbul Summit
- Date & Time: Wednesday 27th July - Thursday 27th July
- Influenced Assets: BTC, ETH and Crypto markets as a whole
- Previous Figures: N/A
Why Our Traders Care: This event has been labelled as 🌐 “Eurasia’s Largest Blockchain Event”. The summit brings together some of the crypto industry's key players, experts, blockchain entrepreneurs, and participants from over 55 countries. Many of the world's top professionals will be there speaking such as Michael Saylor (CEO of MicroStrategy) as well as our very own managing director of NAGAX, Stelios Eleftheriou! 🤩
👉 Come and visit us at the NAGAX booth ‘D8’ - Stelios will be making a speech 🗣️ on “Navigating Web 3.0 In A Bear Market” on Wednesday 27th July, at 15:00-15:15 so come on by!
As always, these kinds of events are great for our traders and investors, and creates more bullish sentiment across the board in the market as the more exposure and developments we see in the space, the better for long-term growth for the crypto industry!
Advance Gross Domestic Product (GDP) report q/q
- Date & Time: Thursday 28th July, 3.30pm GMT+3
- Influenced Assets: USD and global markets
- Previous Figures: -1.6%
Why Our Traders Care: There are three versions of the GDP report that is released a month apart. The ‘advance’, ‘preliminary’, and ‘final’ GDP. This is the ‘advance’ release, and it is the most important of the three, and tends to have the most impact in the markets for this reason! The GDP report measures the yearly change in the inflation-adjusted value of all goods and services produced by the economy. If we see the actual figure upon release be greater ⤴️ than the predicted number, then that would produce positive sentiment for the currency.
Please note, although this is quarterly data, it is reported in an annualised format (via quarterly change x4)
NFT South
- Date & Time: Thursday 28th July - Saturday 30th July
- Influenced Assets: ETH and other DeFi & Cryptocurrencies related
- Previous Figures: N/A
Why Our Traders Care: NFT South 🖼️ is to be a very different type of NFT conference. There will be a lot of insightful, educational, and fun activities regarding NFTs, for example; a chance to play chess 1-on-1 ♟️ or in a simulator with the youngest person ever who achieved the title of grandmaster! There will also be a showcase of NFTs as sports memorabilia that will be auctioned off to the highest bidders. It will surely be a good show, so if you are based anywhere near Texas, don't miss it! These events are great 🟢 for our traders and investors, as it creates more bullish sentiment across the board, as the more exposure and developments these communities have, the more sustainable for the future.
Core Personal Consumption Expenditure (PCE) Price Index m/m
- Date & Time: Friday 29th July, 3:30pm GMT+3
- Influenced Assets: USD and Global Markets
- Previous Figures: 0.3%
Why Our Traders Care: The PCE (otherwise known as the CPI consumer price index) measures the change in the price of goods and services (excluding food and energy). But this report differs from Core CPI as it only measures goods and services consumed by individuals. The CPI comes out about 10 days before this report and takes most of the attention, but this is still a fairly important report to keep track of as it is the Fed’s primary inflation measure.
A higher ⤴️ than expected reading to what is predicted tends to be positive/bullish for the USD, while a lower than predicted reading is usually negative/bearish for the USD. So traders tend to keep their eyes to see how volatile the market at that time could be.
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