As a seasoned crypto investor with a knack for navigating the volatile market landscapes, I find myself intrigued by this week’s economic events that are shaping our financial world. With a background in understanding the nuances of employment data and manufacturing PMI reports, I am eagerly anticipating the upcoming releases.
Over the weekend, the total value of the cryptocurrency market surpassed $3.6 trillion, with altcoins showing stronger performance compared to Bitcoin, their leading counterpart.
The key economic indicators this week center mainly around employment and job market trends, yet they also include a few Manufacturing Purchasing Manager Index (PMI) reports for good measure.
According to the Kobeissi Letter, this upcoming week marks the final one before the December 18th Federal Reserve meeting, and it’s shaping up to be particularly significant for the job market. In other words, we’re looking at a crucial week for employment statistics.
Economic Events Dec. 2 to 6
Last week, both stock and cryptocurrency markets experienced a boost as investors gained confidence following Donald Trump’s selection of Scott Bessent, an experienced hedge fund manager, for the Treasury Secretary position.
On the other hand, the Core PCE rate, which is the Federal Reserve’s favored inflation indicator, reached 2.8%. This spike has raised concerns about escalating inflation and a possible shift towards more aggressive monetary policy by the U.S. central bank.
Based on the GDP figures from last week, a robust economy and ongoing high inflation have caused some uncertainty among investors about whether we might see another interest rate reduction in the remaining months of this year.
On Monday, the Institute for Supply Management (ISM) Manufacturing PMI report for November is set to be published, shedding light on the current state of U.S. manufacturing businesses. This report serves as a valuable precursor, helping us gauge the overall health of the economy and predict upcoming shifts in trends.
On Tuesdays, you’ll find the most recent job openings data, while on Wednesdays, we will present November’s nonfarm employment data and also the ISM Services PMI, a valuable indicator of business conditions within the U.S. services sector. The PMI numbers serve as leading indicators for anticipated changes in economic conditions.
On Fridays, significant employment data is released, including nonfarm payrolls and unemployment rate figures. These figures serve as crucial economic indicators for decision-makers, as they offer insights into changes in job numbers over time. Given their strong correlation with the broader economic wellbeing, these indicators are of great importance to policymakers who monitor them closely.
On Fridays, we’ll see advance readings for the following month’s Michigan Consumer Confidence Index and Consumer Price Predictions. These surveys gauge consumer sentiment and long-term inflation perceptions on a monthly basis.
Key Events This Week:
1. November ISM Manufacturing PMI data – Monday
2. October JOLTS Job Openings data – Tuesday
3. November ADP Nonfarm Employment data – Wednesday
4. Fed Chair Powell Speaks – Wednesday
5. Initial Jobless Claims data – Thursday
6. November Jobs Report -…
— The Kobeissi Letter (@KobeissiLetter) December 1, 2024
There are a number of Fed speeches this week, including Chair Jerome Powell on Thursday, Dec. 5.
Crypto Market Surges
On Monday mornings in Asia, the overall value of cryptocurrency markets surged to an unprecedented peak of $3.65 trillion during the early trading hours, as they experienced growth throughout the weekend.
On December 2nd, Bitcoin moved upwards to reach approximately $98,000 once more, only to dip again later, while Ethereum took the lead, reaching a six-month peak of around $3,750.
On Monday morning, XRP experienced a surge exceeding 30% to hit a six-year peak of $2.48. Similarly, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), and Stellar (XLM) all recorded notable gains as well.
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2024-12-02 09:31