The market oscillated over the weekend as traders awaited the results of US-Iran negotiations in Pakistan.
After negotiations failed, the U.S. announced that it will blockade the Strait of Hormuz to ensure that Iran won’t be able to ship its oil to customers, raising fears of tensions. The price of a barrel of Brent oil surged by 7% to nearly $102, while stock and crypto futures dipped.
By the end of the weekend, Bitcoin dipped to $71K while Ethereum closed at $2,200, slightly down.
CoinMarketCap’s Crypto Fear and Greed Index stands at 43, slightly down from the week before.
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What Traders Should Watch Out for This Week
Potential retaliation from Iran could continue to prolong the constriction of global oil flows and hurt risk assets.
In other news, the market is awaiting Q1 earnings reports from major banks like JPMorgan, Citigroup, and Wells Fargo.
The market is also watching out for improving odds of a Fed rate cut, which would support stable growth and increase the flow of additional capital to stocks and cryptocurrencies.
Here are the major economic indicators to watch out for this week:
- April 13: Existing home sales
- April 14: NFIB optimism index, producer price index, and core PPI
- April 15: Import price index
- April 16: Initial jobless claims, industrial production, and capacity utilization
