4 Things That Could Influence Crypto Markets This Week
The post 4 Things That Could Influence Crypto Markets This Week appeared on BitcoinEthereumNews.com.
Crypto market capitalization has hit a peak above $3.6 trillion over the weekend as altcoins outperformed their big brother Bitcoin. This week’s economic data is primarily focused on employment and jobs, but there are also some manufacturing PMI reports in the mix. This will be the last week of labor market data before the Dec. 18 Federal Reserve meeting, reported the Kobeissi Letter, which added, “It’s a huge week for the labor market.” Economic Events Dec. 2 to 6 Stock and crypto markets were buoyed last week as investors found reassurance in Donald Trump’s pick for the Treasury secretary position, choosing seasoned hedge fund executive Scott Bessent. However, the Fed’s preferred inflation measure, Core PCE, came in hot at 2.8%, causing some jitters about increasing inflation and a hawkish pivot from the US central bank. A strong economy, as seen through last week’s GDP data, and persistently high inflation, has raised questions among investors as to whether to expect another rate cut this year. Monday will see November’s ISM Manufacturing PMI report released reflecting business conditions in the US manufacturing sector. It provides a leading indicator for assessing the state of the economy and anticipating changing trends. Tuesday has the latest job openings data, while Wednesday will show November’s nonfarm employment data. Wednesday also has November’s ISM Services PMI, which shows business conditions in the US services sector. PMIs are leading indicators for changes in economic conditions. Friday has more jobs data, with nonfarm payrolls and unemployment rate reports. These reports are two of the most important economic indicators for policymakers following shifts in the number of positions since they are strongly associated with overall economic health. Friday also has the preliminary readings of December’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations. These reports provide the results of a monthly…
Filed under: News - @ December 2, 2024 6:25 am