tl;dr
The crypto markets are anticipating several US economic events this week, with a focus on the labor market, manufacturing and services PMI, nonfarm payrolls, and the unemployment rate. The ISM Manufacturing PMI and ISM Services PMI data are expected to influence market sentiment, with potential impa...
The crypto markets are anticipating several US economic events this week, with a focus on the labor market, manufacturing and services PMI, nonfarm payrolls, and the unemployment rate. The ISM Manufacturing PMI and ISM Services PMI data are expected to influence market sentiment, with potential impacts on traditional markets and investor confidence in cryptocurrencies. Additionally, Federal Reserve Chair Jerome Powell's speech is awaited for insights into interest rate cuts. As the markets prepare for potential volatility, the price of Bitcoin remains below $65,000, trading at $64,531.
Crypto markets have several US economic events to look forward to this week after a subdued weekend in which Bitcoin’s (BTC) price failed to breach the $65,000 threshold. For the most part, all eyes will be on the US labor market as maximum employment falls under the Federal Reserve’s list of mandates.
SEPTEMBER’S ISM MANUFACTURING PMI
September’s ISM Manufacturing PMI will be crucial in gauging economic activity, as the data reflects the health of the manufacturing sectors. The consensus looks for the ISM manufacturing survey to print 47.3 in September, which would signify a rather small change compared to the 47.2 recorded in August.
The September data is due on Tuesday, October 1. The latest 10X Research anticipates anxiety leading up to tomorrow’s release and the ones to follow.
A higher-than-expected PMI, relative to the previous reading of 47.2, indicates a strong economy. If this happens, it could lead to increased investor confidence in traditional markets, potentially prompting them to allocate more capital to riskier assets like cryptocurrencies as a hedge against inflation or market volatility.
ISM SERVICES PMI
Like the manufacturing data, the ISM Services PMI also measures economic activity and is a reflection of the services sector’s health. Expectations are for the Services PMI to rise a touch to 51.7 in September from 51.5 in August. The data is due for release on Thursday, October 3.
If the data comes in higher than expected, it would suggest a strong economy, likely increasing investor confidence in traditional markets. In the same way, investors may be more open to allocating more capital to riskier assets like Bitcoin.
NONFARM PAYROLLS AND UNEMPLOYMENT RATE
Nonfarm Payrolls (NFP) data is a crucial indicator of labor market health, offering insight into job creation and employment levels. The consensus forecast for September expects 145,000 new nonfarm payrolls, up from 142,000 in August, while the unemployment rate is projected to remain steady at 4.2%.
With the labor market cooling, Capital Economics suggests that persistent underperformance in payroll data could prompt the Federal Reserve to consider an additional 50 basis point (bps) rate cut in November, following a similar cut in September.
JEROME POWELL SPEECH
Markets are also bracing for Federal Reserve chair Jerome Powell’s speech on Monday, September 30. Powell is expected to elaborate on the Fed’s decision to cut its benchmark interest rate by half a percentage point and shed light on the considerations that will frame an expected series of interest rate cuts for the remainder of the year and into 2025.
BTC Price Performance
As crypto markets brace for volatility induced by these US economic events, Bitcoin price remains below the $65,000 threshold. As of this writing, it is trading for $64,531, down 1.63% since Monday’s session opened.
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Business Focus: Manufacturing, Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Headquarters: Pittsburgh, Pennsylvania
Phone: 8013146000
Current Stock Price: $15.55
Price Change: $0.2
Percentage Change: 2.29%
52-Week Range: $7.31 - $0.034
Market Cap: $16,853,000,000
PE Ratio: 42.16
EPS: -$0.617
Dividend Yield: -0.178%
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More about Tanzanian Royalty Exploration Corp
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Tanzanian Royalty Exploration Corp, Tanzanian Gold Corporation is engaged in the exploration and development of mineral property interests in the United Republic of Tanzania. The company is headquartered in Vancouver, Canada.
Industry: ENERGY & TRANSPORTATION
Product: GOLD AND SILVER ORES
Market Cap: 111382000
Dividend Yield: None
Beta (5Y Monthly): 0
Price/Earnings (ttm): 0.127
Earnings Per Share (EPS): -0.0306
Volume: 36723000
Open: 1.38
Day's Range: 2.549
Previous Close: 0.625
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