With the cryptocurrency market at historic highs, a busy week awaits on the U.S. economic calendar, but will they rise?
The cryptocurrency market capitalization peaked at $3.6 trillion over the weekend as altcoins outperformed their big brother Bitcoin.
This week's economic data focuses mainly on employment and jobs, but there are also some manufacturing PMI reports.
According to the Kobeissi Letter, this will be the last week of labor market data before the Federal Reserve meeting on December 18, and the letter added, 'This is an important week for the labor market.'
Economic activity from December 2 to 6
Last week, the stock and cryptocurrency markets were buoyed as investors felt reassured after Donald Trump chose experienced hedge fund executive Scott Bessent for the position of Treasury Secretary.
However, the Fed's preferred inflation measure, Core PCE, soared to 2.8%, raising concerns about rising inflation and a hawkish shift from the U.S. central bank.
The strong economy and persistent high inflation indicated in last week’s GDP data raised questions among investors about whether a rate cut is expected again this year.
The ISM Manufacturing Purchasing Managers' Index (PMI) report for November will be released on Monday, reflecting the business conditions in U.S. manufacturing. It provides a leading indicator for assessing economic conditions and predicting trends.
The latest job vacancy data will be released on Tuesday, while Wednesday will show the non-farm payroll data for November. On Wednesday, there will also be the November ISM Services Purchasing Managers' Index, which indicates the business conditions in the U.S. services sector. The Purchasing Managers' Index is a leading indicator of changes in economic conditions.
More employment data will be available on Friday, including non-farm payroll numbers and unemployment rate reports. These reports are the two most important economic indicators for policymakers after changes in job numbers, as they are closely related to overall economic health.
On Friday, there will also be the preliminary reading of the Michigan Consumer Confidence Index for December and consumer inflation expectations. These reports provide monthly survey results on consumer confidence levels and long-term inflation outlooks.
This week, the Federal Reserve will deliver multiple speeches, including one by Chairman Jerome Powell on Thursday, December 5.
Cryptocurrency market surges
The cryptocurrency market continued to rise over the weekend, with the total market capitalization reaching a historic high of $3.65 trillion during the Asian early trading session on Monday.
Bitcoin edged higher, recovering to $98,000, then retreated again, but Ethereum was the driving force, hitting a six-month high of $3,750 on December 2.
XRP surged more than 30% on Monday morning, reaching a six-year high of $2.48. Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), and Stellar (XLM) also experienced robust gains.
