The largest crypto asset, Bitcoin, is ready to face a new week in the macroeconomic calendar and investors are waiting. Although there is enormous confidence in the future in the immediate term, there are also bearish possibilities. Non-farm payroll data for September remains the most important element.
So far, the Federal Reserve seems to have won with the so-called soft landing. In this way, it is a situation in which inflation can be defeated without having to lead the economy into a recession. Despite this, there are still some loose ends that must be tied up before claiming victory. One of them is the employment sector.
During the last few months, the labor market has faced a notable cooling, with consecutive months of declining growth rates. If the new payrolls report shows a range below 150,000 new jobs, investors could feel unsure. For its part, if unemployment does not remain at 4.2%, but rather rises, this could make matters worse.
As you can see, the so-called Uptober is not an element that is fully insured. In any case, the invitation is to closely follow the data of this weekly macroeconomic calendar and be ready for data that may affect Bitcoin.
Other data from the macroeconomic calendar with importance for Bitcoin
Apart from the new payrolls report for September in the United States, there are other data of great importance for this week. These include inflation data in Germany and mortgage application figures in the United States.
Likewise, several speeches by senior Federal Reserve officials stand out, from its president, Jerome Powell, on down. As you can see, this is a crucial week for Cryptocurrency prices in the short term.
This week’s macro calendar
Below, we present this week’s most important macro data agenda:
Monday:
- PMI data mixed in China in September.
- Retail sales in Germany in May and July.
- GDP in the United Kingdom in the second quarter.
- Jerome Powell’s speech at economic activity in Nashville.
Tuesday:
- Harmonized core inflation in the EU in September.
- US manufacturing PMI data for September.
- Fed’s Bostic and Barkin speech.
Wednesday:
- US crude oil inventories
- ADP job change survey.
Thursday:
- Composite PMI and services in the EU.
- Weekly US unemployment claims
- Miscellaneous US PMI data
- Fed’s Kashkari speech.
Friday:
- Producer price index in the EU in August.
- US Hourly Wage Averages
- Unemployment rate in September in the US
- US Nonfarm Payrolls in September
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