US stock markets surged last week, with major indexes approaching all-time highs on the easing of tensions in the Middle East and rising hopes for a Federal Reserve rate cut later this year.
Crypto markets were a little slower to react, remaining mostly flat over the past week and into the weekend.
The Fed’s preferred inflation gauge, core PCE, showed that price increases accelerated in May, raising inflation concerns. Fed Chair Jerome Powell said last week that he expects to see a pickup in inflation this summer, but reiterated his “wait and see” approach.
On Sunday, President Trump commented on the July 9 deadline for the 90-day tariff pause, stating, “I don’t think I need to extend it, but could.”
Economic Events June 30 to July 4
June’s ISM Manufacturing Purchasing Manager’s Index (PMI) is due on Tuesday. This report shows business conditions in the manufacturing sector and serves as a significant leading indicator of overall economic conditions.
There are also job openings data due on Tuesday, which could reflect conditions in the labor market.
Wednesday and Thursday will see more labor market reports, with nonfarm payrolls and unemployment figures released. These reports represent the number of new jobs created during the previous month, along with the percentage of people actively seeking employment.
They are significant economic indicators, as the shift in the number of jobs is strongly associated with overall economic health.
June’s ISM Services PMI, due on Thursday, will reflect business conditions in the services sector and is another leading economic indicator.
Traditional markets are closed on Friday for the July 4 celebrations as we enter the second half of the year.
Crypto Market Outlook
Digital asset markets remained flat over the weekend but gained during early Asian trading on Monday morning to reach $3.46 trillion in total capitalization.
Bitcoin has reached a two-week high, tapping $108,750 in early trading on Monday, but it faced resistance there yet again and fell back to $108,500 at the time of writing. The assed has struggled at this level at least five times over the past week where it has been rejected.
Ethereum is doing a little better, having reached its support-turned-resistance level of $2,500 on Monday morning after a 2.8% gain.
The altcoins were mostly in the green with minor gains, but Hyperliquid (HYPE) was leading the pack, adding 7.5% on the day to top $40.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
