This week, three key economic data releases are scheduled: jobless claims, manufacturing PMI, and services PMI. These will likely impact the cryptocurrency market.
US Jobless Claims: An Overview
On October 12, the Initial Jobless Claims index was 241 thousand, lower than the 260 thousand recorded on October 5. This week, the consensus is a slight rise to 247 thousand. A modest rise in jobless claims may indicate a slightly weaker job market. The Continuing Jobless Claims index, as per October 17 data, stood at 1.867K, expected to decrease slightly to 1.865K, suggesting a stable labor market.
Manufacturing and Services PMI
In September, the US Manufacturing PMI index was 47.3, the lowest since June 2023. The Services PMI index was at 55.2 in September, a slight drop from 55.7 in August. A continual drop in Manufacturing PMI may point to an economic slowdown, whereas a strong services sector is a positive sign for the economy.
Conclusion: Possible Impact on Crypto Market
Economic data this week is expected to show minor changes with slight increases in jobless claims and modest movements in PMI indices. If the data reveals a weakening economy, this could boost interest in cryptocurrencies.
The week's economic data could impact the cryptocurrency market. Signs of economic slowdown may increase interest in cryptocurrencies.
