With US job statistics due out soon, the crypto market is bracing for a pivotal week. This data would be useful for investors in gauging fourth-quarter market patterns, especially in light of last week’s weaker US PCE inflation statistics.
Awaiting Jobless Data
The entire financial industry, including the cryptocurrency market, is anticipating next week’s US job report with great anticipation. On Friday, October 4, the US Labor Department will disclose the latest numbers on nonfarm payrolls, unemployment rates, and hourly earnings for the month of September.
Evaluating Current Trends
The present trend in the labor market might be better understood with this data collection. Importantly, the US Federal Reserve takes the labor market into account when determining policy rates. Estimates on Wall Street indicate that US nonfarm payroll statistics will rise from 142,000 in the previous month to 144,000. However, experts predict that the jobless rate will stay at 4.2% in September. Notably, compared to market predictions of 2.3%, last week’s US PCE data revealed that inflation has moderated to 2.2%.
Impact on the Crypto Market
The cryptocurrency market is likely to be on high alert this week due to a rush of speeches planned by US Federal Reserve officials. On Monday, September 30, for example, Federal Reserve Chair Jerome Powell and Governor Michelle Bowman will address the nation. At the time of writing, Bitcoin is trading at $65,489, down 0.50% in the last 24 hours as per data from CMC.
The upcoming week might be crucial for the cryptocurrency market as investors focus on the new US job statistics and the statements by Federal Reserve officials.
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