Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US macro data on tap
Market participants look ahead to the release of a U.S. housing data for signs that third quarter economic growth remains on track.
U.S. home building activity is expected to show weakness for the second month in a row amid a fall in construction of single and mutli-family homes.
The data comes ahead of the Federal Reserve policy statement due Wednesday. It’s widely expected that the Fed will keep rates unchanged and announce that it will begin tapering its $4.5tn bond portfolio. The central bank is also expected to offer insight on the strength of the economy and expectations about future interest rate increases.
Ahead of the data, the greenback which rose against its rivals.
Eurozone data in the spotlight
As the euro continues to flirt with $1.20, investors turn attention to the eurozone ZEW economic index to gauge the six-month outlook for the Eurozone.
The reading compiled from a survey of Eurozone institutional investors and analysts is expected to show an improved reading of 32.4 on the previous month’s reading of 29.3. The data comes amid growing expectations that the European Central Bank will begin to taper its loose monetary policy sooner rather than later.
EUR/USD rose 0.13% to $1.1955 on Monday.
Bitcoin’s post-China-ban recovery
Less than a week after Bitcoin suffered one its worst crashes in its nine-year history after Chinese authorities ordered all local cryptocurrency exchanges to cease trading, the popular cryptocurrency is well on its way to paring losses.
The current rebound in Bitcoin is expected to be closely monitored for any signs of weakness as the two largest exchanges in China OKCoin and Huobi are in the midst of shutting down operations ahead of the Oct. 30 deadline.
Bitcoin rose to $3978, up $311, or 8.48%.