As a seasoned researcher with a knack for deciphering market trends and economic indicators, I find myself closely watching the unfolding events this week, particularly the Fed Chair Powell’s speech and the US employment data. With over a decade of experience under my belt, I can attest to the significant impact these events have on both traditional and crypto markets.
During the early hours of trading on Monday in Asia, crypto markets showed a significant decline. The extent of this drop might depend on the economic developments that occur this week.
This week, there are eleven talks scheduled by Federal Reserve speakers, along with a wealth of economic figures that might shape the backdrop for the last part of the year as Q3 draws to a close.
Economic Events Sept. 30 to Oct. 4
On Monday, September 30th, Federal Reserve Chair Jerome Powell will talk about the U.S. economic forecast at a National Association for Business Economics conference. Additionally, we might get more insight into the possibility of another significant interest rate reduction in November as employment statistics are due to be released this week.
On Tuesday, we’ll release the September ISM Manufacturing Purchasing Manager Index (PMI) report. This data offers insights into the current business climate within the U.S. manufacturing sector, serving as a crucial signal of broader economic conditions. PMI figures are forward-looking indicators, enabling us to evaluate the economy’s state and forecast upcoming shifts in economic patterns.
On Tuesday and Wednesday, we’ll have two different employment data reports coming out, while the initial jobless claims data will be released on Thursday.
On Thursday as well, we’ll be receiving the September ISM Services PMI Report, a crucial indicator that highlights the state of businesses within the services sector – a significant contributor, accounting for over 70% of the U.S. Gross Domestic Product (GDP).
As a crypto investor wrapping up the week, I’m eagerly awaiting the release of the September jobs report. The Nonfarm Payrolls and Unemployment figures due out on Friday will give me insights into the job market’s health. These numbers represent the number of new jobs generated over the past month and the proportion of people currently searching for work, respectively.
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 Federal Reserve closely monitors employment statistics, using them to gauge shifts in the job market, which helps inform their policy choices.
Bloomberg analysts predict a strong increase in the number of non-agricultural jobs for September, suggesting that this might rekindle discussions about an economically soft or stagnant landing for the United States.
Crypto Markets Retreat
As I begin my analysis of the crypto market on this final day of September, I find myself observing a significant downturn. Over the past few hours, the total capitalization has plummeted by more than 3%, causing the overall value to dip to approximately $2.37 trillion. This drop is evident as trading commences in Asia.
At the current moment, Bitcoin was experiencing significant drops and had fallen from around $66,000 to below $64,400. However, it temporarily found some support at this level. If the selling pressure persists, Bitcoin could potentially drop further to find support at approximately $63,000.
On Monday morning during Asian trading hours, Ethereum experienced a comparable decrease, falling to around $2,600. As is often the case, altcoins suffered heavier losses. Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) endured the more substantial blows.
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2024-09-30 08:35