This is the last week of employment data before the June 12 Federal Reserve meeting kicks off.
Investors will examine several economic reports that will be incorporated into the Fedâs future policy considerations. Fridayâs crucial job market reports will be one to watch.
Crypto markets have gone through the weekend with very little movement either way for most digital assets.
Monday will see Mayâs ISM Manufacturing PMI (Purchasing Managersâ Index) report which shows business conditions in the U.S. manufacturing sector.
This data is considered a reliable leading indicator for assessing the state of the U.S. economy and can be used to help anticipate changing economic trends.
The services sector may be considered more important as it contributes over 70% of the U.S. GDP. On Wednesday, the May ISM Services PMI will be released, which will also serve as a leading indicator of changes in economic conditions.
Fridayâs Payrolls and Unemployment reports from the Labor Departmentâs Bureau of Labor Statistics provide the number of new jobs created during the previous month, along with the percentage of active employment seekers.
These are the most significant reports of the week as policymakers follow these figures which are strongly associated with the overall health of the economy. The Fed also pays close attention to the labor market changes when determining its policy decisions.
âIt will be key to see whether the US labor market continues cooling,â commented Global Macro Investor before adding:
It is unlikely that this weekâs employment and economic reports will have much of an impact on crypto markets, which are more closely affected by CPI inflation reports.
Total market capitalization hasnât moved much over the past few days and remains at $2.68 trillion.
However, Bitcoin prices started to move upwards during the Monday morning Asian trading session, adding 1.4% on the day to reach $68,619 at the time of writing. It has remained tightly rangebound since it failed to top $70,000 again in late May.
Ethereum had recovered minor losses to return to $3,800 and the altcoins were mostly flat aside from Toncoin which added 10% over the past 24 hours.
The post Six Things to Watch This Week as Bitcoinâs Price Inches Toward $69K appeared first on CryptoPotato.
Investors will examine several economic reports that will be incorporated into the Fedâs future policy considerations. Fridayâs crucial job market reports will be one to watch.
Crypto markets have gone through the weekend with very little movement either way for most digital assets.
Economic Events June 3-7
Monday will see Mayâs ISM Manufacturing PMI (Purchasing Managersâ Index) report which shows business conditions in the U.S. manufacturing sector.
This data is considered a reliable leading indicator for assessing the state of the U.S. economy and can be used to help anticipate changing economic trends.
The services sector may be considered more important as it contributes over 70% of the U.S. GDP. On Wednesday, the May ISM Services PMI will be released, which will also serve as a leading indicator of changes in economic conditions.
Fridayâs Payrolls and Unemployment reports from the Labor Departmentâs Bureau of Labor Statistics provide the number of new jobs created during the previous month, along with the percentage of active employment seekers.
These are the most significant reports of the week as policymakers follow these figures which are strongly associated with the overall health of the economy. The Fed also pays close attention to the labor market changes when determining its policy decisions.
âIt will be key to see whether the US labor market continues cooling,â commented Global Macro Investor before adding:
Crypto Market Outlook
It is unlikely that this weekâs employment and economic reports will have much of an impact on crypto markets, which are more closely affected by CPI inflation reports.
Total market capitalization hasnât moved much over the past few days and remains at $2.68 trillion.
However, Bitcoin prices started to move upwards during the Monday morning Asian trading session, adding 1.4% on the day to reach $68,619 at the time of writing. It has remained tightly rangebound since it failed to top $70,000 again in late May.
Ethereum had recovered minor losses to return to $3,800 and the altcoins were mostly flat aside from Toncoin which added 10% over the past 24 hours.
The post Six Things to Watch This Week as Bitcoinâs Price Inches Toward $69K appeared first on CryptoPotato.
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