Monthly Bitcoin & Crypto Update

What’s in Today’s Report:

• Monthly Bitcoin & Crypto Update

Futures are higher on news the U.S. and China will hold preliminary trade talks in Switzerland Saturday which offset soft tech earnings from SMCI as focus turns to the Fed.

Economically, German Manufacturing Orders jumped 3.6% vs. (E) 1.0% while EU Retail Sales fell -0.1% vs. (E) 0.0%.

Looking ahead to the U.S. session, there is one economic report this afternoon: Consumer Credit (E: $10.0B), but the data is unlikely to move markets given the afternoon Fed decision.

Trader focus will be on any trade headlines this morning before attention turns to the Fed with the FOMC Announcement (2:00 p.m. ET), and Fed Chair Press Conference (2:30 p.m. ET) mid-afternoon.

There are some more late season earnings releases to watch that could move markets in pre-market/after-hours trade including: UBER ($0.51), DIS ($1.18), GOLD ($0.29), CVNA ($0.75), OXY ($0.73), and CLF ($-0.78).

Bottom line, focus is on the Fed today and while no change in the policy rate is expected, traders will be scrutinizing the meeting statement for any changes regarding economic uncertainty or hints on when the FOMC may lower rates next during Powell’s press conference. The more dovish the language and commentary, the better for equities today.