Market News

Global markets and Wall Street ended last week on a positive note. This week the market will get more information about the central bank’s path ahead to digest when Federal Reserve will release the last meeting minutes on Wednesday, which investors may closely scrutinize for clues on rate hike timings in the second half of 2023.

The key events to focus on for this week are Friday’s Eurozone CPI data and US personal income and spending figures. Both the numbers could help investors determine how the Federal Reserve and European central bank will move ahead with its interest rate policy.

The world’s largest cryptocurrency, Bitcoin (BTCUSD) was largely flat in the US early Friday, maintaining the week’s gains. The price of Bitcoin is set to end the week strongly, the pair break above $30k and rallies to the highest level since April on Wednesday.

Global markets started the new week on a positive note. This week, the important economic events to watch are the series of Service PMI numbers from the US, UK, Germany and the Eurozone, the Reserve Bank of Australia and the Bank of Canada interest rate decision.

US President Joe Biden signed a bill to raise the national debt limit on Saturday, that suspends the U.S. government’s debt limit through January 2025. The bill was passed as a result of weeks of tough negotiations between Democrats and Republicans.