Crypto market hits $3.37 trillion as altcoins outperform Bitcoin amid key U.S. reports.
Trump’s Treasury pick boosts investor sentiment ahead of crucial U.S. economic data.
Key U.S. reports could influence market trends, including job openings and employment.
The crypto market has recorded another major achievement, reaching $3.37 trillion. The market has shown signs of positively shifting, as many altcoins perform better than Bitcoin. This surge has gained attention, particularly when some of the most important U.S. economic data is expected to be published this week. Investors also pay close attention because these reports can greatly influence regular markets and cryptocurrencies.
As reported earlier, the current increase in crypto markets was preceded by Donald Trump, who appointed Scott Bessent as the Treasury Secretary. Bessent, the hedge fund specialist, is perceived as a good omen for markets and has thus raised investors’ morale. However, as the most critical economic data is expected in the coming days, the market dynamics will largely depend on the trends described in these reports.
Key Economic Reports
The first of the key reports comes out on December 2, with the release of the ISM manufacturing PMI for November. This report will give the reader an understanding of the current state of the US manufacturing industry in terms of its health. Forecasts suggest that the index will only edge up from 46.5 to 47.5.
On Dec 3, the US Bureau of Labor Statistics will issue the October data on job openings, layoffs, and quits from the Job Openings and Labour Turnover Survey (JOLTS). Although job vacancies have declined since March of 2022, there was a small increase in job openings in August. The October report is projected to reveal a mild rise to 7.49 million, a key headline for the Federal Reserve’s decisions.
ADP will publish a report on the employment situation in the US for November on December 4. The report will provide insight into employment numbers for the private and public sectors. The report for October came in at a rather 12,000 new jobs, which surprised the markets.
On December 5, the focus will shift to the weekly data on jobless claims. The previous week, new claims for jobless benefits were at 213,000, and the numbers were anticipated to rise marginally in the latest figures.
The week ends on December 6 with the most awaited event of the November employment report. The forecasts of new positions are above 250,000 due to the return of Boeing employees and recovery from Hurricane Milton. In addition, the Michigan Consumer Sentiment Index will shed light on consumer sentiment and inflation outlook in the longer term to cap off a busy week for data releases.
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