Crypto markets were retreating heavily during early Monday morning trading in Asia, how low they go may be influenced by this week’s economic events.
There are eleven Federal Reserve speaker events this week and a raft of economic data that could set the scene for the final quarter as Q3 comes to a close.
Economic Events Sept. 30 to Oct. 4
Fed chair Jerome Powell will discuss the US economic outlook at a National Association for Business Economics conference on Monday, Sept 30. The prospects for another large rate cut in November may also be a little clearer this week when employment data is released.
September’s ISM Manufacturing PMI report is due on Tuesday. The data shows business conditions in the US manufacturing sector, providing a significant indicator of the overall economic conditions. PMIs are leading indicators for assessing the state of the economy and helping to anticipate changing economic trends.
Two employment data reports are due on Tuesday and Wednesday, and initial jobless claims data will be available on Thursday.
Thursday will also see September’s ISM Services PMI report which shows business conditions in the services sector, contributing to more than 70% of GDP in the US.
At the end of the week, the September jobs report is expected to show a healthy labor market. Friday’s Nonfarm Payrolls and Unemployment reports provide the number of new jobs created during the previous month and the percentage of people actively seeking employment.
Key Events This Week:
1. Fed Chair Powell Speaks – Monday
2. September ISM Manufacturing data – Tuesday
3. JOLTs Jobs data – Tuesday
4. ADP Nonfarm Employment data – Wednesday
5. October OPEC Meeting – Wednesday
6. Initial Jobless Claims – Thursday
7. September Jobs Report…
— The Kobeissi Letter (@KobeissiLetter) September 29, 2024
The US central bank pays close attention to employment data as it considers labor market changes when determining its policy decisions.
“We expect a robust headline print for September nonfarm payrolls, which could even revive talk of “no landing” for the US economy,” commented Bloomberg analysts.
Crypto Markets Retreat
Crypto markets are deep in the red as the last day of September trading begins in Asia. Total capitalization has shed more than 3% over the past few hours in a fall to $2.37 trillion.
Bitcoin was taking the brunt of the declines, tanking from $66,000 to below $64,400 at the time of writing, where it found temporary support. The next leg down would drop BTC to support at $63,000 should the sell-off continue.
Ethereum had lost a similar amount, dropping to $2,600 during Asian trading on Monday morning. Altcoins were taking heavier losses as usual, with Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) taking the bigger hits.
The post 3 Things That Could Move Crypto Markets This Week appeared first on CryptoPotato.
Another busy week lies ahead on the United States economic calendar as October, and fourth-quarter trading is about to kick off. Crypto News, featured1, Bitcoin (BTC) Price, Federal Reserve