Another Big Macro Week Is Here: 3 Events That Could Move Bitcoin

The previous business week ended with a bit of a surprise as the jobs report showed that the US economy had lost 23,000 jobs in July, compared to expectations for roughly 80,000 new positions.

Previous months were revised sharply lower as well, solidifying the argument that the labor market is finally weakening. Although this was initially interpreted as good news for risk assets since a softer economy gives the Fed less reason to tighten monetary policy further, one big obstacle remains, and more light will be shed on it this week.

Inflation Week

The analysts at The Kobeissi Letter described the coming five days as another ‘big week’ for economic data, with July’s CPI and PPI reports getting the most attention. They will be announced on Wednesday and Thursday, respectively, followed by retail sales and consumer sentiment on Friday.

Wednesday’s Consumer Price Index (CPI) report is undoubtedly the main event, especially since last month’s showed a substantial decline. However, it was probably misleading since it was based on lowered energy costs due to the de-escalation of the Middle East war, which has since deteriorated.

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