Bitcoin traded around $68K today, Asia time. Meanwhile, Ethereum traded at $2,100.
The market remains wary as we approach Trump’s imposed deadline of Tuesday for the Strait of Hormuz to reopen. Oil surged past $111/barrel on U.S.-Iran tensions, driving US crude above $112.
CoinMarketCap’s Crypto Fear and Greed Index stands at 36, as traders remain cautious following renewed threats against Iran. Markets are hoping for a ceasefire with Iran and the reopening of the Strait of Hormuz.
What Traders Should Watch Out for This Week
The U.S.-Iran conflict is still dominating markets, increasing inflation fears, and delaying Fed cuts after nonfarm payrolls rose by an adjusted 178K and the unemployment rate edged lower to 4.3%.
Traders are eyeing upcoming U.S. economic data and events this week, including FOMC minutes, PCE inflation, and CPI. These will give more clues as to how the Fed will respond, although the surging of oil prices will make it difficult for the Fed to run a loose monetary policy.
Moreover, traders are waiting to see if Trump will actually strike Iranian civilian infrastructure if the Strait of Hormuz is not opened by Tuesday.
Here are the major economic indicators to watch out for this week:
- April 7: Durable-goods orders, durable-goods minus transportation, and consumer credit
- April 8: Minutes of Fed’s May FOMC meeting
- April 9: Personal income, core PCE index, GDP (second revision), initial jobless claims, and wholesale inventories
- April 10: Consumer price index, core CPI, factory orders, and consumer sentiment (prelim)
