Bitcoin stabilized around $66K today, Asia time, after dipping slightly over the weekend from $68K. Ethereum also hovered at $2,000.
Because of escalating US-Iran tensions, oil prices surged above $100/barrel, indicating rising stagflation fears, supply chain disruption, and increasing risk-off sentiment.
CoinMarketCap’s Crypto Fear and Greed Index is around 25, as traders remain cautious following renewed threats against Iran and ongoing tariff threats.
What Traders Should Watch Out for This Week?
Trump’s decision to pause any attack on Iranian energy plants for a further 10 days is becoming increasingly untenable as Yemeni Houthis have entered the conflict, and freshly arrived US troops indicate the increasing likelihood of a ground offensive.
Markets are pricing in the likelihood of a protracted conflict and its impact on global oil prices and the world economy.
Upcoming U.S. economic data this week, including the U.S. ADP report and March labor market figures, will give more indication as to how the Fed will respond, though oil prices will make it difficult to run a loose monetary policy.
For Asia, traders could look at China’s Caixin PMI and Japan’s CPI data for indications of regional economic impact.
Here are the major economic indicators to watch out for this week:
- March 31: Chicago Business Barometer (PMI), job openings, consumer confidence
- April 1: U.S. retail sales (delayed report), ADP jobs, S&P final U.S. manufacturing PMI, delayed business inventories
- April 2: Initial jobless claims and U.S. trade deficit
- April 3: Employment report, unemployment rate, S&P final services PMI, hourly wages
