Crypto markets will be on a keen watch this week with major data points and keynote speeches. The anticipatory market will be on a gauge to see how the economic data plays out to finally assess what the rate trajectory from the Fed’s side will be.
Out of all the data points, here are the top 3 data points the market will keep its eyes on:
Fed Official Speeches
At present the market is in high anticipation mode regarding the US Fed’s rate cuts. With quite a few Fed officials scheduled to speak this week, investors will keep a keen eye on all the addresses. The possibility of an earlier-than-expected rate decrease has sent shockwaves through the market, with data supporting and confirming the Fed’s perspective. Investors have historically relied heavily on the Federal Reserve’s rate choices when evaluating assets. Lower interest rates frequently cause government securities to lose value, which increases the appeal of other assets like Bitcoin. The cryptocurrency markets would gain from increased risk appetite and strong purchasing power if the rate reduction were to occur shortly.
Non-Farm Payroll
Powell and companions have stated that they would want to see a more balanced supply and demand in the labor market, and the previous February employment data suggested that this would happen soon. Some investors think that the US economy has stabilized to the point where more growth is possible without much likelihood of inflation increasing again. The slowdown in employment and income growth is indicative of this. The upcoming US Non-farm payroll data will be crucial to confirm this hypothesis.
Initial Jobless Claims
The US jobs data for February indicated that a greater percentage of Americans were not working in the formal income sector, despite the unemployment rate exceeding estimates. This implies that many people’s purchasing power may be diminished, thus indicating a low-risk appetite. Day traders may find their purchasing power diminished by a high unemployment rate. Therefore, to access the purchasing power among crypto investors, this week’s jobless claims data holds high importance.
The post Crypto News: Top 3 Data Points to Keep an Eye on This Week appeared first on CoinGape.
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