Key Economic Events And Market Outlook For The Week

According to Odaily, Greeks.live macro researcher Adam has outlined significant events for the week of August 26 to September 1. Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Global Central Bank Annual Meeting clarified the likelihood of a rate cut in September. The consensus is a 25 basis point cut, but if economic data this month shows significant pressure, a 50 basis point cut is also possible. This clear commitment to a rate cut has boosted market confidence, leading to a rebound in major cryptocurrencies. However, the future trend remains highly uncertain. This week features several important economic data releases and speeches by key figures, all centered around the anticipated September rate cut by the Federal Reserve. Additionally, Russia's cryptocurrency legislation is noteworthy as it signifies the growing prominence of digital currencies on the global stage. Key events for the week include: On Tuesday, August 27, 2024, FOMC voting member and San Francisco Fed President Mary Daly will deliver a speech. On Wednesday, August 28, Federal Reserve Governor Christopher Waller will speak. On Thursday, August 29, the U.S. initial jobless claims data will be released, and FOMC voting member and Atlanta Fed President Raphael Bostic will discuss economic prospects. On Friday, August 30, the U.S. July Core PCE Price Index year-over-year and the final August University of Michigan Consumer Sentiment Index will be published. Additionally, Raphael Bostic will speak again on monetary policy and economic outlook. Russia will also begin implementing its digital currency cross-border payment law and cryptocurrency mining legalization bill. The cryptocurrency market outlook shows a rebound stimulated by rate cut expectations, with confidence partially restored. Implied volatility (IV) across major terms continues to decline. As mentioned last week, regardless of the central bank meeting's outcome, short to medium-term IV is expected to drop another level. Currently, IV is slightly below average, with downward pressure persisting this week. Ethereum (ETH) remains sluggish post-Cancun upgrade, with Gas fees below 0.8 Gwei. The significant reduction in ETH consumption has rendered the deflationary flywheel ineffective, and there appears to be no opportunity for an ETH rate rebound. The bearish ratio spread offers good value.