As a seasoned analyst with years of experience navigating the volatile world of finance, I find myself eagerly anticipating this crucial week for the crypto market. The US Job data, particularly the nonfarm payroll and unemployment rate, will undoubtedly provide valuable insights into the labor market trend and influence the Fed’s monetary policy decisions.
As a researcher, I find myself bracing for a pivotal week in the cryptocurrency market. There’s a palpable sense of excitement in the air as we await the release of the upcoming US Job data. This data, following last week’s softer US PCE inflation figures, could offer valuable insights to investors about the market trends for the fourth quarter.
Crypto Market Eyes US Job Data This Week
The financial industry, including the cryptocurrency market, is anxiously anticipating the publication of the upcoming U.S. employment figures next week. Specifically, the Labor Department will unveil the U.S. non-farm payroll, unemployment rate, and average hourly wages for September on Friday, October 4th.
This collection of information offers valuable insights about the ongoing patterns in the job market. It’s worth noting that the job market is a significant factor that the U.S. Federal Reserve takes into account when determining interest rates for their policies.
Based on Wall Street predictions, it’s forecasted that the U.S. nonfarm payroll figure will increase slightly from the previous month’s 142,000, reaching approximately 144,000. However, the unemployment rate is expected to stay steady at 4.2% for September.
It’s important to mention that the latest US Personal Consumption Expenditures (PCE) data revealed a drop in inflation rate to 2.2%, which is lower than the predicted 2.3%. This unexpected decrease has sparked increased market confidence that the U.S. Federal Reserve will maintain a more accommodating monetary policy at their remaining meetings this year.
Fed Officials’ Comments To Shape Market Sentiment
This week is set to feature a number of speeches from Federal Reserve officials, attracting close attention from cryptocurrency market investors. Kicking off the week are comments from Federal Governor Michelle Bowman and Chairman Jerome Powell on Monday, September 30.
Afterwards, Governor Lisa Cook of the Federal Reserve is set to deliver a speech on Tuesday. Furthermore, Raphael Bostic, President of the Minneapolis Fed and Atlanta Fed, will engage in a discussion on Thursday, October 4th. It’s worth noting that the remarks from these central bank officials could significantly influence market sentiments, particularly following the Federal Reserve’s decision to reduce rates by 50 basis points at their previous meeting.
Crypto Market To Maintain Its “Uptober” Rally?
The recent softer US PCE inflation data has raised bets over a 50 bps rate cut again at the Fed’s November meeting, according to the CME FedWatch Tool. This has also sparked discussions if crypto sector can maintain its “Uptober” momentum this year.
Historically speaking, October often leans towards being a favorable month for Bitcoin and leading alternative coins. Moreover, the last three months of the year typically exhibit a bullish trend as well.
In the coming months, it’s anticipated that the US election in November will have a positive impact on market confidence. With this in mind, many market analysts are hopeful for an “Uptober” and a robust market recovery during the last quarter of 2024.
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2024-09-29 05:34