The cryptocurrency market is closely connected to the US economy. Every economic event in the US can influence the crypto market. So, it is important to closely observe developments in the US market. Here are the key economic events the US market is going to witness this week.
Key Economic Events in the US This Week
US Celebrates President’s Day Today: Exchanges to Remain Closed
On the first day of this week, all the major exchanges in the US, including Nasdaq and NYSE, will remain closed, as February 17 is the day when the country celebrates the birth anniversary of its first US President, George Washington.
As per a statement released by the Securities Industry Financial Market Association, trading on major exchanges and US bonds will remain closed on Today.
Main Indices to Watch on Feb 19
The US Building Permits, which measures the number of new housing permits issued, and Housing Starts, which tracks the actual construction of new houses, are the two key indices to be released on Wednesday.
The Building Permits index declined from 1.49 million to 1.48 million in December. The consensus is that it will drop further to 1.45 million. This signals less economic expansion.
The Housing Starts index increased to 1.499 million from 1.29 million in December. The consensus is that it will decrease to 1.39 million. This indicates weaker consumer spending.
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Prime Events You Shouldn’t Miss on Feb 21
The US Existing House Sales index, which calculates the number of previously owned homes sold, will be released on Friday, February 21. In December, it surged to 4.24 million from 4.15 million. The consensus is that it will decrease from 4.24 million to 4.17 million. This implies lower disposable income.
Top Speakers This Week: A Quick View
Philadelphia Federal Reserve President Patrick T Harker and Michelle Bowman, a member of the Federal Reserve Board of Governors, will give their speeches on Monday, February 17.
Federal Reserve Governor Michael Soloman Barr, San Francisco Federal Reserve President Mary C Daly, and Christopher J Waller, a member of the Board of Governors of the Federal Reserve, will make their speeches on Tuesday, February 18.
Federal Reserve Vice-Chairman Philip Jefferson, and St. Louis Federal Reserve President Alberto Musalem will give their speeches on Thursday, February 20.
Adriana Kugler, a member of the Federal Reserve Board of Governors, will deliver her speech on Friday, February 21. Interestingly, on the same day, Barr and Jefferson will give their second speeches of the week.
The data indicates that this week is going to be an eventful one.
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