Key Dates to Watch in July, 2023 for Crypto Investors

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11 Jul 2023

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If you are a crypto investor, you know that the market is influenced by many factors, such as supply and demand, sentiment, regulation, innovation, and macroeconomic events. That’s why it is important to keep an eye on the calendar and be aware of the key dates that could affect the crypto space in the coming month.

In this article, I will highlight some of the most important events that are scheduled for July, 2023 and explain why they matter for crypto investors.

CPI and PPI Data Release (July 12 and 13)

The Consumer Price Index (CPI) and the Producer Price Index (PPI) are two of the most widely used indicators of inflation in the US economy. They measure the changes in the prices of goods and services purchased by consumers and producers, respectively. Inflation is a key factor that affects the value of money, interest rates, and asset prices. Therefore, it has a significant impact on the crypto market as well.

The CPI and PPI data release for June, 2023 will take place on July 12 and 13, respectively . According to the consensus forecasts, the CPI is expected to rise by 3.1% year-on-year, while the PPI is expected to increase by 0.4% year-on-year. These figures indicate a moderate level of inflationary pressure in the US economy, which could affect the Federal Reserve’s monetary policy decisions.

A hawkish Fed could be bearish for crypto, as it could lead to higher interest rates, a stronger dollar, and lower risk appetite among investors. On the other hand, if the inflation data comes in lower than expected, it could ease the pressure on the Fed and support a more accommodative stance. This could be bullish for crypto, as it could boost liquidity, weaken the dollar, and increase risk appetite among investors.

FOMC Meeting (July 26)

The Federal Open Market Committee (FOMC) is the monetary policy-making body of the Federal Reserve. It meets eight times a year to review the economic and financial conditions and decide on the appropriate level of the federal funds rate, which is the interest rate at which banks lend to each other overnight. The FOMC also sets the target range for the Fed’s balance sheet, which reflects its asset purchases and sales.

The FOMC meeting for July, 2023 will take place on July 26. It will be followed by a press conference by Fed Chair Jerome Powell, who will explain the rationale behind the FOMC’s decisions and provide guidance on its future plans. The FOMC meeting is one of the most anticipated events for crypto investors, as it has a direct influence on the monetary policy stance of the Fed.

The Fed’s monetary policy stance affects the crypto market in several ways. First, it affects the interest rate environment, which influences the opportunity cost of holding crypto versus other assets. Second, it affects the dollar exchange rate, which influences the demand for crypto from international investors. Third, it affects the market sentiment, which influences the risk appetite and volatility of crypto investors.

The FOMC meeting in July, 2023 will take place on July 25-26 and will be followed by a Summary of Economic Projections and a press conference by Fed Chair Jerome Powell. Crypto investors will closely watch these events for any clues on when and how fast the Fed will taper its asset purchases and raise its interest rates.

A more hawkish Fed could be negative for crypto, as it could reduce liquidity, strengthen the dollar, and dampen market sentiment. A more dovish Fed could be positive for crypto, as it could increase liquidity, weaken the dollar, and improve market sentiment.

GDP Report (July 27)

The Gross Domestic Product (GDP) report is one of the most comprehensive and influential indicators of economic activity in the US economy. It measures the total value of all goods and services produced within a country during a given period. It reflects both domestic production and net exports (exports minus imports). The GDP report is released quarterly by the Bureau of Economic Analysis (BEA). It consists of four main components: personal consumption expenditures (PCE), gross private domestic investment (GPDI), government consumption expenditures and gross investment (GCE), and net exports of goods and services. The GDP report is a key indicator of the health and performance of the US economy.

The GDP report for the second quarter of 2023 will be released on July 27. The main drivers of growth are expected to be consumer spending, which accounts for about 70% of GDP, and government spending, which has been boosted by the fiscal stimulus measures enacted in response to the pandemic. However, some headwinds are also expected, such as supply chain disruptions, labor shortages, and weak business investment.

The GDP report is important for crypto investors because it reflects the overall state of the economy and its prospects for the future. A strong GDP growth could signal a robust demand for goods and services, which could benefit crypto-related businesses and innovation. A weak GDP growth could signal a sluggish demand for goods and services, which could hurt crypto-related businesses and innovation.

ECB Meeting (July 27)

The European Central Bank (ECB) is the central bank of the euro area, which consists of 19 European Union countries that have adopted the euro as their common currency. The ECB is responsible for conducting the monetary policy for the euro area, with the primary objective of maintaining price stability. The ECB also plays a role in supervising the banking system, providing financial stability, and promoting economic integration in Europe.

The ECB’s Governing Council is the main decision-making body of the ECB. It consists of six members of the Executive Board and 19 governors of the national central banks of the euro area countries. The Governing Council meets twice a month to assess the economic and monetary conditions and decide on the appropriate monetary policy stance. The monetary policy meetings are held every six weeks and are followed by a press conference by the ECB President, who explains the rationale behind the decisions and provides guidance on the future outlook.

The ECB meeting for July, 2023 will take place on July 27. It will be one of the most important events for crypto investors in Europe, as it will reveal the ECB’s assessment of the economic recovery, inflation outlook, and monetary policy stance in the euro area. The ECB has been pursuing an ultra-accommodative monetary policy since the onset of the pandemic, keeping its key interest rates at record lows and expanding its asset purchase program to support liquidity and credit conditions.

The ECB meeting in July will be closely watched by crypto investors for any signs of a change in the ECB’s monetary policy stance.

Conclusion

These are some of the key dates to watch in July, 2023 for crypto investors. Of course, there are many other events that could affect the crypto market in unpredictable ways, such as geopolitical tensions, regulatory developments, technological innovations, and market sentiment shifts. Therefore, it is always advisable to do your own research, diversify your portfolio, and manage your risk before investing in crypto.

I hope you found this article informative and helpful. If you did, please share it with your friends and followers on social media. Also, feel free to leave your comments below and let me know what you think about these events and their potential impact on crypto.
Thank you for reading!