While it likely won’t have as much impact as the last (or next), the current business week will still highlight several important US economic releases that could move the crypto market in one direction or the other.
Activity in services, the latest Fed minutes, which are perhaps the most anticipated news, jobless claims and consumer confidence will all offer new clues on growth and interest rate developments at the end of this otherwise very eventful month.
FOMC Minutes and Services PMI
The first more notable release comes today when the Institute for Supply Management releases its September Services PMI. The sector accounts for the largest portion of the U.S. economy. As such, the report may materially affect growth and inflation expectations.
A surprisingly strong figure could revive fears that the economy remains buoyant enough to tolerate higher interest rates, especially if price pressures within the survey remain high. On the other hand, a weaker number could further strengthen the argument for a pause in rate hikes by the Fed, especially after last week’s PCE data and jobs report.
Wednesday will feature the aforementioned FOMC minutes from the September 15-16 meeting, where the Fed raised rates for the first time in three years. The minutes are expected to provide more details on how officials were divided on the decision and how concerned they remain about inflation, the job market and another possible increase later this year.
Markets will be paying close attention, including BTC investors, as expectations for the Fed’s next move will influence Treasury yields, the dollar, and overall risk appetite.
Unemployment claims and consumer sentiment
On Thursday, markets will receive the latest weekly jobless claims data, with the initial figure standing at 197,000 in the latest report, while the four-week moving average fell to 200,000. Another unusually low figure would suggest the labor market remains relatively resilient despite weak payroll growth in September.
The last major event of the week will be Friday, with the University of Michigan’s October Preliminary Consumer Confidence Survey. None of these developments are likely to have a major impact on cryptography, as the interpretations are not straightforward.
However, there is also the dark horse. After new developments on the Middle East front on Friday and this weekend, markets are expecting more moves from the United States and Iran, especially as these two countries are reportedly preparing for new attacks.
The article Bitcoin Traders Prepare for These 4 Key Macro Events This Week appeared first on CryptoPotato.
About the Author
