BTC WEEKLY UPDATE It is the 15th day of February 2021. The | MYC Signals

BTC WEEKLY UPDATE

It is the 15th day of February 2021. The market is still building up as all eyes are cast on Congress’ additional $1.9 Trillion relief package, which is expected to move to the House budget committee any time from now. This bill’s passing is important even though it is almost half the amount the former president Donald Trump package of $4 trillion, which was intended to help the economy recover. The money was intended to save the country from the impact of the pandemic which is bigger than the havoc caused by the Great Depression of 1930’s.

On Friday last week, the US Treasury Secretary Janet Yellen urged The G7 Finance leaders to provide the economies’ physical support to recover. She told them that it was time governments increased their spending.

On the industrial front, the US is expected to release data on industrial production and sales. The figures are already showing that despite the pandemic, the economy got off strongly in the first month of 2021. Also, the figures for jobless claims will be released on Thursday to point to the economy’s direction. Elsewhere, the labor market has suffered much and will remain sluggish despite president Biden’s proposal for a $1.9 trillion recovery package. In fact, it demonstrates that the package is valid.

On the other hand, everybody is waiting for the Federal Reserve policy meeting minutes, which should be released this Wednesday.

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