Another busy week is coming up on the U.S. economic calendar as October and Q4 trading begin. Cryptocurrency markets fell sharply in early Asian trading on Monday, but the depth of the decline will be influenced by economic events this week.
There are 11 Federal Reserve speaking events this week and a slew of economic data that could set the scene for the final quarter of the year after the third quarter closes.
Economic events from September 30 to October 4
Fed Chairman Jerome Powell discusses the U.S. economic outlook at the National Association for Business Economics conference on Sept. 30. The prospect of another big rate cut in November could also become a little clearer this week when jobs data is released.
The ISM Manufacturing PMI report for September will be released on Tuesday. The data shows business conditions in the U.S. manufacturing sector, providing an important indicator of overall economic conditions. The PMI is a leading indicator of the health of the economy and helps predict changing economic trends.
Two jobs reports are due on Tuesday and Wednesday. Initial jobless claims data is due on Thursday. The September ISM Services PMI report is also due on Thursday, which shows business conditions in the services sector, which accounts for more than 70% of U.S. GDP.
Later in the week, the September jobs report is expected to show a healthy labor market. Friday's Nonfarm Payrolls and Unemployment Claims report will provide the number of new jobs created last month and the percentage of people actively looking for work.
The US central bank pays close attention to employment data when considering changes in the labor market and making its policy decisions.
“We expect strong September nonfarm payrolls, which could even reignite talk of a “no-landing” for the U.S. economy,” Bloomberg analysts said.
Cryptocurrency Market Recession
Cryptocurrency markets are deep in the red as the final trading day of September begins in Asia. Total capitalization has fallen more than 1.5% in the past 24 hours to $2.26 trillion.
Bitcoin was hit the hardest by the drop, sliding from $66,000 to below $63,995 at the time of writing and finding temporary support. The next drop would push BTC towards the $63,000 support level if the sell-off continues.
ETH was also hit hard, falling to $2,600 during Asian trading on Monday morning. Altcoins suffered heavier losses as usual. For example, Binance Coin (BNB), Dogecoin (DOGE) and Shiba Inu (SHIB) took heavier hits.
