The last business day of the week brings challenges for cryptocurrency investors as Bitcoin 
$91,081 reaches a new local low with the opening of the US market imminent. Anticipation builds as next week marks the release of the Federal Reserve’s first interest rate decision following its recent conclusion of quantitative tightening. Investors eagerly await the tone and messages Federal Reserve Chairman Jerome Powell will present. Additionally, it is highly expected that Japan will decide on an interest rate hike in this month’s meeting. The current state of the markets offers intriguing developments.
MSCI Ascension and Copper, Silver Trends
Futures in both the US and European markets commenced with an upswing. Although the upcoming interest rate cut decision by the Fed next week sparks optimism, its effect on cryptocurrencies is not yet apparent. Meanwhile, the S&P 500 and Euro Stoxx 50 indices displayed a 0.2% rise in futures, and Nasdaq 100 futures increased by nearly half a point. Asian markets rebounded by 0.7%, recovering from previous losses. The Dollar Index declined once more, experiencing a drop in four of the past five weeks.
The MSCI All Country Index, which monitors global equities, has rallied in the past two weeks, nearing its October record levels. The diminishing concerns over the valuations of technology companies, particularly following the waning discussions surrounding the AI bubble, have contributed to this recovery.
Citigroup’s recent bullish forecast reignites potential peaks for Copper, establishing grounds for new highs. Concurrently, Silver has reversed its downturn, refocusing towards reaching new heights.
Anticipated Outcomes
Today, delayed PCE data for September will be unveiled. Due to the delay and significant changes in October and November, these figures may not hold substantial weight in upcoming meetings, as the Fed is unlikely to alter its decisions based on three-month-old inflation indicators. Nevertheless, results significantly below or above expectations could sway market sentiment.
Expectations for the PCE stand at 2.8%, with the August figure at 2.7%. Although there are predictions for core PCE reaching as high as 3.1%, the consensus suggests a 2.8% increase, matching the August figure of 2.9%. Major movements in cryptocurrencies are not anticipated.
Sustaining gains in stock futures by the 17:30 opening could offer slight support to cryptocurrencies. Should the PCE data come in below expectations at 18:00, it could bolster risk markets. Michigan’s expectations will concurrently be released and will also be evaluated.
