Last week, the stock markets were popping champagne while the crypto markets were sipping their lukewarm coffee, cooling off just a little. A little disappointing, huh?
Weak CPI and inflation expectations seemed to keep everyone in a relatively cheery mood. Oh, and the Trump administration’s latest Middle East deals were a real party starter for the AI sector. Don’t you just love when politics and tech collide? 😏
But wait, here comes the kicker—US Treasury yields are back at it, climbing again. “Trade deals, recession worries, lower inflation, and slowing GDP—nothing can stop these yields!” as the Kobeissi Letter put it. Meanwhile, Fed Chair Powell is sticking to his “no rate cuts for me” stance like it’s some sort of sacred vow. 🤷♂️
On top of all this excitement, Moody’s decided to give the US credit rating a little downgrade on Friday. But hey, that’s probably a good thing for store-of-value assets like Bitcoin and gold, right? Silver linings everywhere. ✨
Economic Events May 19 to 23
The Moody’s downgrade on Monday could stir up some market drama, potentially setting the stage for a rollercoaster week. Hold on tight!
On Thursday, we’ve got the S&P Global Manufacturing and Services PMI (purchasing manager’s index) preliminary readings, which might give us a peek into the future of business and consumer sentiment. Spoiler: It’s all about the sentiment. 😅
The official economic data has been nice and all, suggesting that the US economy is holding its ground. But here’s the twist—it doesn’t account for Trump’s tariffs announced back in early April. Will the PMIs finally show the real impact? Stay tuned! 📉
And don’t forget the home sales reports. They’re cute, but they have absolutely zero impact on crypto markets. So, yeah, let’s just keep moving. 🏡
Key Events This Week:
1. Markets React to Moody’s Downgrade – Monday
2. US Crude Oil Inventory Data – Wednesday
3. S&P Global Manufacturing PMI Data – Thursday
4. April Existing Home Sales Data – Thursday
5. April New Home Sales Data – Friday
6. A Total of 14 Fed Speakers… (Hold your applause) 🎤
— The Kobeissi Letter (@KobeissiLetter) May 18, 2025
According to Citigroup analysts, “Soft data,” such as activity and confidence surveys, paints a slightly gloomier picture. In the US, consumer and business confidence are still on the decline—just what we needed, right? 🙄
Meanwhile, in Asia, everyone’s eagerly watching US trade talks and some key data from China. Oh, and don’t forget the central bank rate announcement. Just another day in the exciting world of global markets!
Crypto Market Outlook
Crypto markets kicked off the week strong, with Bitcoin hitting its highest-ever daily and weekly candles, almost kissing $106,500. Not bad, right? But don’t pop the champagne yet—Bitcoin is now cooling off, dropping back below $103,000. Oh, the drama! 🎢
“As the US Dollar weakens and uncertainty rises, Bitcoin and Gold are thriving,” said Kobeissi. Sure, sure, they’re doing fine, aren’t they? 😉
Ethereum, on the other hand, isn’t having the best day. After a solid week, it’s fallen almost 3%, dropping back below $2,400. That’s gotta sting. 😬
As for the altcoins—well, it’s a mixed bag. Dogecoin, Shiba Inu, and Litecoin are having their moment, but Tron, Leo, and wrapped ETH derivatives are on the struggle bus. All aboard the altcoin rollercoaster! 🎢
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2025-05-19 08:26