A busy economic calendar awaits this week, with all eyes on the Federal Reserve and oil prices. Additionally, the crypto market has been rising over the weekend, but will it be able to maintain that momentum?
October 2nd, macroeconomic magazine “Kobeissi Letter” listed Major economic events in the US this week. A government shutdown was also averted over the weekend.
Crude Oil Price, SBF Trial, Possibility of ETH ETF Launch
Federal Reserve Chair Jerome Powell and European Central Bank Chair Christine Lagarde are both scheduled to speak next week.
Mr. Powell will participate in a roundtable discussion with Philadelphia Fed President Patrick Harker. They are scheduled to address labor and small business leaders on Monday, October 2nd.
The ISM manufacturing industry index is also scheduled to be released on Monday, and is expected to rise slightly. Also known as the Purchasing Managers Index, this is a monthly indicator of economic activity in the United States.
Read more: 7 ways to cope with retirement during rising inflation
The numbers are expected to remain unchanged when the latest employment figures are released on Tuesday. Additionally, there will be an OPEC meeting on Wednesday where oil production policy will be discussed, but no changes are expected. Oil prices have soared to record highs this year, due in part to OPEC production cuts and rising demand.
The latest employment data will be released on Thursday and Friday, and is expected to improve slightly from last month. The Kobeisi letter states:
“With 13 Fed speakers in attendance this week, expect more volatility.”
Virtual currency market outlook
Additionally, the high-profile trial of Sam Bankman Freed begins on October 3rd. Observers have warned that mainstream media is likely to sensationalize the trial and demonize cryptocurrencies once again, bringing back bad memories of the FTX collapse nearly a year ago.
Late last week, derivatives experts also predicted that the first U.S. Ethereum futures ETF would be given the green light this week.
The cryptocurrency market has made some progress, with weekend momentum pushing the market capitalization to a six-week high of $1.15 trillion.
Market prices rose 3% on the day, and around $40 billion flowed into cryptocurrencies over the weekend.
Bitcoin rose 3.8% on the day, topping $28,000 for the first time since August 17th. However, at this level, the asset faces significant resistance. Ethereum is up 3.3% on the day and is trading at $1,729 at the time of writing.
Although this week's economic calendar does not have a direct impact on cryptocurrencies, momentum could continue if technical resistance levels are overcome.
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