This week, investors are closely watching key economic data from the US that could significantly impact the cryptocurrency market, particularly Bitcoin prices.
Expectations for Jobless Claims
On Thursday, initial jobless claims are expected to rise to 221,000. If the data surpasses expectations, it could signal weakness in the labor market, increasing the chances of a rate cut in September. The cryptocurrency market often reacts positively to such changes.
Productivity and Labor Costs in Q2
On the same day, markets will also analyze data on productivity and labor costs for Q2. A productivity increase of 1.9% is expected, with labor cost growth slowing to 1.3%. This combination may have a disinflationary impact and support a looser economic policy. Conversely, rising costs without productivity gains could raise inflation worries.
Remarks by Atlanta Fed President and Bitcoin Impact
Investors will pay particular attention to Atlanta Fed President Raphael Bostic’s remarks on Thursday. His known hawkish stance may soften, potentially providing a short-term boost for Bitcoin. Currently, with nearly 81% chance of a September rate cut according to CME FedWatch, traders are highly attentive to reports and comments this week.
Key economic data could significantly influence financial markets and, notably, cryptocurrencies like Bitcoin. Investors continue to monitor changes in US economic policy.
