5 Events To Shake Crypto Markets This Week
The encryption market is closely monitoring the key US economic data this week to evaluate the health of the US economy. With the beginning of February, the key labor market report on the calendar (close attention).
In view of the potential impact of investment portfolios, traders can adjust their strategies around these upcoming events.
ISM manufacturing
The Institute of Supply Management (ISM) will release the ISM manufacturing data on Monday, February 2, marking the first working day of this month. The investigation of the procurement manager of manufacturing companies across the country is widely regarded as a key scale of the US economic health.
The previous ISM manufacturing index was 49.3, and the consensus forecast in January was 50.0. Reading more than 50 represents extension, and positive data enhances investors’ confidence in economic strength. This may lead to increased risk in the market.
If the ISM manufacturing index is less than 50.0, it indicates the shrinkage of the manufacturing industry. This may cause people to worry about the overall health of the economy and may have a negative impact on the emotions of investors.
As a result, Bitcoin and other risk assets may increase volatility As investors seek more secure assets during the period, the pressure decreases Economic uncertaintyEssence
“If the ISM manufacturing PMI rises, the US stock and the US dollar are enhanced, and cryptocurrencies may decrease due to the high expectations of monetary policy. If the stock may be weakened, IHSG may be under pressure from global emotions. Risk and mobility rise or down, “users on X CommentEssence
Vacancy
On Tuesday, February 4, the US Labor Statistics (BLS) will issue a December work vacancy and labor error investigation (Jolts). The publication will provide data on the number of vacancy in the month and data of layoffs and quantities.
The data provides valuable insights on the dynamics of the labor and demand of the labor market. Key factors affecting salary and inflationEssence Afterwards, the vibration survey showed that the opening in November rose to 8.1 million.
The consensus is now 8.1 million in December. Suppose the vibration data of December shows that according to the predicted consensus 8.1 million, or maintaining stability at this level, the vacancy of employment has increased; in this case, this indicates that the labor market has sufficient opportunities to provide job seekers with sufficient enough for job seekers Opportunity.
This positive economic indicators can increase consumer confidence and increase expenditure and economic growth. In this case, Bitcoin and other risk assets may benefit from investors’ expected economic and potential inflation pressures.
It is worth noting that the state of the labor market is Federal Reserve official When setting strategies. Therefore, if the data shows an unexpected weakness, it may promote the Federal Reserve to take a more difficult position. This may lead to a reduction in interest rates or other adaptive measures.
On the contrary, the powerful labor market data may promote the Federal Reserve to adopt a more eagle position, which may lead to stricter monetary policy.
ADP employment
ADP employment changes released by automatic data processing companies measured the changes in employment in the US private sector. The increase in this indicator usually shows more powerful consumer spending and supports economic growth. As a result, the number of high reading is usually bullish, and the number of low reading is considered to be a decline.
Wednesday’s ADP employment change report is an early indicator before the official work data on Friday. After 122,000 humble data in December, analysts are closely monitoring the slowdown of the slowdown in the labor market.
A market that exceeds the expected report may arouse the hope of the Federal Reserve’s hope. At the same time, the result exceeds expectations May trigger short -term fluctuations As traders adjust the expectations of cutting tax rates.
“With the income of technology giants and key economic data (such as ADP employment and ISM report), this week may be the main inflection point of stocks and macro trends. Expect high volatility”, encrypted analysts on X ObserveEssence
Initial unemployment statement
On February 6th, on Thursday, the unemployed people claimed that they would also clarify the health status of the US labor market. As of the week of January 25, the data of the previous unemployed claimed data was 207,000. The median forecast last week was 213,000.
At the same time, the weekly unemployment claims have been steadily declined after a few weeks of October. Nevertheless, the initial unemployment statement in the United States is still declining, and the rise in unemployment claims.
This shows that employers try to keep their employees’ environment as long as possible. However, the employees who lost their jobs found that it was difficult to find a new job.
“The initial unemployment statement on Thursday will provide an early signs of the health status of the labor market, especially to deal with any economic backwind. This indicator is essential for measuring the short -term transformation of employment and consumer confidence. Sample stock, “today’s market ShowingEssence
Employment in the United States
The January employment report will expire on Friday, February 7. It is expected to summarize US economic data in the labor market last month. Economists predict that the employment report in January will show that the salary will drop to 175,000 after the record of 256,000 in December.
The data on Friday will increase after the core personal consumption expenditure (PCE) price of December to 2.6 %. This PCE inflation The interest rate meets the expectations of Dow Jones’s economy, and the Fed’s target inflation target is still 2 %.
BTC price performance. source: Beincrypto
Before these US economic data, the transaction price of BTC was $ 93,895, and it has decreased by 6.31 % since the opening of Monday.
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