During the past week, financial markets experienced significant profit-taking as investors turned to defensive stocks and the US dollar due to a gloomy outlook on the real estate market and rising inflation figures in Europe and the US. This resulted in the S&P 500, the world’s largest stock index, experiencing its biggest daily loss of the trading year 2023. The Bitcoin course, as well as the entire crypto market, also trended downward due to corrections in the classic financial market. However, the US stock indices managed to contain their intraday price losses and ended the week almost unchanged. While Bitcoin briefly corrected to a new 10-day low of US$22,770 over the weekend, buyers balanced the price back above the psychological price mark of US$23,000

Whether the crypto market’s current price correction has already ended or if new lows will start in the new trading week will be largely determined by the development of the US dollar index (DXY) and the US stock markets. The latest Bitcoin analysis outlines the potential targets for Bitcoin.

The economic data set to be released this week will likely have a significant impact on various financial markets.

This week, economic data that will be relevant include the latest US Durable Goods Orders on February 27th, followed by the announcement of the CB Consumer Confidence in the USA the following day. Mid-week, the focus will be on the ISM purchasing managers’ indices for the US manufacturing sector. The trading week will be rounded off with the final data from the US purchasing managers’ indices for the service sector.

Orders received for durable goods

On Monday, February 27, 2023, the final figures for January durable goods orders will be published, with market experts expecting a slight increase of 0.1 percentage points compared to the previous month. However, a drastic slump of -4.0 percent is forecast compared to the previous year. If the figures are in line with the forecasts and incoming orders drop significantly, as expected, the US dollar could tend negatively. Since the stock market has recently been trending bullish after strong incoming orders, it is difficult to predict how the market could develop as a result of weak data.

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