Bitcoin$BTC
and cryptocurrency world, as the new week begins after an eventful week, investors are focused on important economic data. In particular, the labor market data to be released in the US and the statements to be made by Fed officials can significantly affect the course of the markets. Here are the important developments to follow this week:
Caution on US Data
The Bitcoin and cryptocurrency market is focused on the labor market data to be released this week in the US. The nonfarm payrolls, unemployment rate and hourly earnings data to be released by the US Department of Labor on Friday, October 4, will be closely monitored by the market. These data will provide important information about the general state of the US economy and changes in the labor market.
Why Is Labor Market Data Important?
Last week’s US Personal Consumption Expenditures (PCE) inflation data came in at 2.2%, below expectations. This has raised investors’ expectations for the US labor market. Wall Street economists expect nonfarm payrolls to be released this week to be 144,000, compared to 142,000 last month. In addition, the unemployment rate is expected to remain stable at 4.2%. This stable data in the labor market could reduce the likelihood of a Fed rate cut, which could cause volatility in cryptocurrency markets.
Fed Chairman Powell's Speech
The most important development on the cryptocurrency agenda of the week is the speeches to be given by Fed Chair Jerome Powell and Fed Board Member Michelle Bowman on Monday, September 30. These speeches are among the events that the markets are eagerly awaiting. In addition, the statements to be made by Fed Board Member Lisa Cook, Minneapolis Fed President Neel Kashkari and Atlanta Fed President Raphael Bostic throughout the week will also be closely monitored by investors.
These statements will provide important clues about interest rates and inflation expectations and will guide crypto investors in determining their future strategies.