Eurozone Inflation, PMIs, and Rates: What It Means for Crypto
The European economy is set for a busy week ahead, with key releases on inflation, business surveys, and interest rates potentially influencing cryptocurrency markets.
On Wednesday, August 19, the final eurozone inflation data for July will be released, which could confirm or revise the flash estimate of 2.9% annual inflation rate. A higher reading would strengthen the case for another European Central Bank (ECB) interest rate increase, potentially lifting short-term euro yields and supporting the currency.
The same day, the Federal Reserve's July meeting minutes will be released, which may reveal whether concern about inflation extended beyond the three voters who preferred an immediate 25-basis-point increase. A hawkish reading could lift US yields and strengthen the dollar, potentially putting pressure on cryptocurrency prices in dollar terms.