Cryptocurrency markets were down sharply in Asia early Monday morning. How far they go could be affected by economic events this week.
There are eleven Federal Reserve speakers this week and a slew of economic data that could set the stage for the final quarter as the third quarter comes to a close.
Fed Chair Jerome Powell will discuss the U.S. economic outlook at the National Association for Business Economics conference on Monday, September 30. The prospects for another big rate cut in November could also become a little clearer this week when employment data is released.
The ISM Manufacturing PMI report for September is due out on Tuesday. The data shows business conditions in the U.S. manufacturing sector, providing an important indicator of overall economic conditions. PMIs are leading indicators for assessing the health of the economy and help anticipate changing economic trends.
There are two employment reports on Tuesday and Wednesday, with initial jobless claims data due on Thursday.
Thursday also sees the release of the ISM Services PMI report for September, which will show business conditions in the services sector, which accounts for more than 70% of U.S. GDP.
The September employment report is expected to show a healthy labor market later in the week. Nonfarm Payrolls and Unemployment reports on Friday will provide the number of new jobs created during the previous month and the percentage of people actively looking for work.
The U.S. central bank pays close attention to employment data as it factors changes in the labor market into its policy decisions.
“We expect strong headlines on the nonfarm payrolls data for September, which could even reignite talk that the U.S. economy is ‘not landing,’” Bloomberg analysts said.
Cryptocurrency markets are deep in the red as the final trading day of September begins in Asia. The total market cap has lost more than 3% in the last few hours, falling to $2.37 trillion.
Bitcoin has borne the brunt of the decline, falling from $66,000 to below $64,400 at the time of writing. Another leg lower would see BTC fall to support at $63,000 if the sell-off continues.
Ethereum has lost a similar amount, falling to $2,600 during Asian trading on Monday morning. Altcoins, as usual, have suffered heavier losses, with Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) taking the biggest losses.
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