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3. Purchasing Managers' Index (ISM)
Monday, January 5 (Manufacturing) and Tuesday, January 6 (Services):
These indicators reflect the strength or weakness of the U.S. economy.
A reading above 50: indicates economic growth (positive for the dollar, may be temporarily negative for crypto).
A reading below 50: indicates contraction (may prompt investors to turn to alternative assets like Bitcoin).
4. Oil Inventory and Job Openings (JOLTS)
Wednesday, January 7: (JOLTS) data provides insight into how thirsty the labor market is for employees. Any sharp decline in available job openings may be interpreted by the market as a sign of an impending recession, increasing the likelihood of interest rate cuts and a rise in crypto.
Summary for traders:
Weak economic data (high unemployment, low growth) \leftarrow likelihood of interest rate cuts \leftarrow rise in cryptocurrencies.
Strong economic data (strong employment, high inflation) \leftarrow likelihood of interest rate hikes/holding \leftarrow decline or volatility in cryptocurrencies.
Monday, January 5 (Manufacturing) and Tuesday, January 6 (Services):
These indicators reflect the strength or weakness of the U.S. economy.
A reading above 50: indicates economic growth (positive for the dollar, may be temporarily negative for crypto).
A reading below 50: indicates contraction (may prompt investors to turn to alternative assets like Bitcoin).
4. Oil Inventory and Job Openings (JOLTS)
Wednesday, January 7: (JOLTS) data provides insight into how thirsty the labor market is for employees. Any sharp decline in available job openings may be interpreted by the market as a sign of an impending recession, increasing the likelihood of interest rate cuts and a rise in crypto.
Summary for traders:
Weak economic data (high unemployment, low growth) \leftarrow likelihood of interest rate cuts \leftarrow rise in cryptocurrencies.
Strong economic data (strong employment, high inflation) \leftarrow likelihood of interest rate hikes/holding \leftarrow decline or volatility in cryptocurrencies.
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Here are the most important news items that will affect cryptocurrencies this week, ranked by importance:
1. Employment Data (the most important of all)
Friday, January 9 (Non-Farm Payroll NFP and unemployment rate): This is the strongest news. If the numbers are "stronger" than expected (high employment and low unemployment), the Fed may lean towards raising interest rates or delaying cuts, which would pressure cryptocurrencies to drop. On the other hand, if the data comes in "weak", it supports a rise in crypto.
Wednesday, January 7 (ADP private payrolls report): Considered a "rehearsal" for Friday's report. Weak data here could give an early positive boost to the market.
Thursday, January 8 (Unemployment claims rates): A weekly indicator that gives a glimpse into the state of the labor market.
2. Inflation Data (Consumer Price Index)
Wednesday, January 7 (Consumer Price Index - Eurozone): Although it pertains to Europe, it impacts the (Euro/USD) pair and thus affects the strength of the dollar against Bitcoin.
Note: Cryptocurrencies are generally considered a "hedge" against inflation, but currently, high inflation means high interest rates, which harms liquidity in the crypto market.
1. Employment Data (the most important of all)
Friday, January 9 (Non-Farm Payroll NFP and unemployment rate): This is the strongest news. If the numbers are "stronger" than expected (high employment and low unemployment), the Fed may lean towards raising interest rates or delaying cuts, which would pressure cryptocurrencies to drop. On the other hand, if the data comes in "weak", it supports a rise in crypto.
Wednesday, January 7 (ADP private payrolls report): Considered a "rehearsal" for Friday's report. Weak data here could give an early positive boost to the market.
Thursday, January 8 (Unemployment claims rates): A weekly indicator that gives a glimpse into the state of the labor market.
2. Inflation Data (Consumer Price Index)
Wednesday, January 7 (Consumer Price Index - Eurozone): Although it pertains to Europe, it impacts the (Euro/USD) pair and thus affects the strength of the dollar against Bitcoin.
Note: Cryptocurrencies are generally considered a "hedge" against inflation, but currently, high inflation means high interest rates, which harms liquidity in the crypto market.
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