3 economic events to move the cryptocurrency market next week

3 economic events to move the cryptocurrency market next week

Key US economic data is due this week
An increase in the US dollar’s volatility should move the cryptocurrency market too
The NFP report is the highlight of the week

The final week of July is ahead of us, and cryptocurrency traders might want to consider what happens with the US dollar. After all, Bitcoin’s consolidation around $30k in the past few weeks brought little or no activity in the market. 

Therefore, should the US dollar’s volatility rise in the week ahead, Bitcoin’s volatility may rise too. Consequently, the entire cryptocurrency market will be more active if Bitcoin’s volatility rises. 

So here are three events that might move the US dollar consider next week: 

ISM Manufacturing and Services PMI 
ADP Employment Change 
Non-Farm Payrolls

ISM Manufacturing and Services PMI

The PMI data is calculated monthly and interpreted in relation to the 50 level. A print bigger than 50 shows an expanding sector, while one above 50 shows an expanding sector. 

The United States is a service-based economy, so the services sector tends to have more weight for the US dollar. However, this week, the focus will be on the manufacturing data because it is forecast to come out below the 50 level. Any positive surprises should see the US dollar bouncing higher. 

ADP Employment Change

July’s ADP Employment Change or the private payroll numbers will be released on Wednesday. Market participants look at the private payrolls in anticipation of the all-important Non-Farm Payrolls report due two days later. 

This week, the market expects the US economy to have added 195k new jobs in July. Details matter because the ADP and NFP numbers often reflect the same thing. 

Non-Farm Payrolls

Because next Friday is the first Friday of the new month, the NFP report for the month of July is due. The market expects the US economy to have added 200k new jobs in July and the unemployment rate remained steady at 3.6%.

The post 3 economic events to move the cryptocurrency market next week appeared first on CoinJournal.

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