As the new year unfolds, the stock and cryptocurrency markets have experienced a notable upswing, commonly known as a 'Christmas rally'.
Key Economic Indicators on the Horizon
Significant economic reports, particularly regarding employment and consumer sentiment, are set to be released this week in the United States. The data are anticipated ahead of the Federal Reserve’s meeting scheduled for January 29.
Impact of Economic Reports on Markets
The week will kick off with the S&P Global Services PMI data, followed by the ISM Services PMI on Tuesday. These indicators provide critical insights into employment conditions within the service sector. The November JOLTS Job Openings report is anticipated on Tuesday, with the December ADP Private Sector Employment figures following on Wednesday. The highlight of the week will be the December Non-farm Payrolls and Unemployment Rate report on Friday. Additionally, the Michigan Consumer Sentiment and Inflation Expectations data for January, along with the commencement of the fourth quarter earnings season, add depth to market analyses.
Current Cryptocurrency Market Situation
The cryptocurrency market remains stable at about $3.68 trillion in total value. Bitcoin has surged past $99,000, its highest point in ten days, while Ethereum has climbed to $3,670, marking a recent peak. The persistence of this upward trend indicates a promising outlook for the week ahead.
Key economic indicators like the Non-farm Payrolls will significantly impact the markets. However, positive momentum in the cryptocurrency market is expected to continue despite upcoming data releases.
