Another eventful US economic calendar is ahead of us, which could inject fresh volatility into the broader crypto market.
Aside from Monday, which is expected to be a rather calm day on this matter, the other four days will see several important releases in terms of inflation, the labor market, manufacturing activity, and a barrage of Federal Reserve appearances.
Inflation and GDP
Tuesday kicks things off with the August JOLTS Job Openings Report, alongside September consumer confidence. The former will provide another look at demand for workers ahead of the much more important employment report at the end of the week. The US Bureau of Labor Statistics previously confirmed that the JOLTS data will be released on September 29.
Wednesday could be even more impactful to the crypto market as the Bureau of Economic Analysis will publish August Personal Income and Outlays, which includes the Fed’s preferred inflation gauge, the PCE price index. The same monitoring will also bring the third and final estimate of second-quarter US GDP.
The inflation figure is likely to impact BTC and the altcoins the most. The US central bank hiked rates earlier this month for the first time in over three years, and hotter-than-expected price pressures could strengthen expectations for another increase. Softer inflation readings, on the other hand, could reduce the perceived need for further tightening.
Jobs Report on Friday
The previous jobs report, which was significantly stronger than anticipated, shook the crypto market as BTC and the alts fell immediately after it was released. The next is scheduled for release on Friday at 8:30 am ET and will provide fresh figures on payroll growth, unemployment, and wages.
The labor-market landscape matters directly for monetary-policy expectations, and another strong report could give the Fed even more room to hike rates, while signs of cooling employment could shift expectations in the opposite direction.
Before the jobs report on Friday, Thursday will bring the September ISM Manufacturing PMI, after the August reading marked the eighth consecutive monthly expansion with a reading of 54.6.
Additionally, the analyst at the Kobeissi Letter counted 22 scheduled Fed speaker events during the week, which could add another layer of market uncertainty.
Source: CryptoPotato
