The crypto market continues to ascend, reaching a new high of $2.73 trillion. This week promises significant US economic reports that could influence investor sentiment.
March PMI Report and Employment Data
The first major event is the release of the March PMI report, which will provide insights into the US manufacturing sector. A slight increase in the index is expected. The same day, the JOLTS report will reveal job openings and layoffs data. Stable job market figures may signal enduring economic resilience despite signs of weakness.
Jobless Claims and Services PMI Index
On Wednesday, jobless claims figures will offer a fresh look at the labor market's condition. Additionally, the services PMI report will highlight the state of the service sector. A drop in the index is predicted, potentially indicating economic challenges ahead.
Employment Report and Jerome Powell Speech
Friday brings the highly anticipated March employment data, critical in shaping future Fed interest rate policies. Also, Fed Chair Jerome Powell’s speech is awaited, as his comments regarding possible rate changes will be closely watched by investors.
This week's economic data will be crucial for the crypto market. Any economic weakening might lead investors to seek alternative assets like cryptocurrencies. However, strong job data could bolster the dollar, tempering the crypto market rally.
