US Economic Data to Watch: How Jobless Claims and PMI Could Impact Crypto This Week
The crypto market, always attuned to global economic shifts, is likely to be influenced by several key US economic indicators this week.
Investors will closely monitor jobless claims data, a gauge of labor market health. A rise in jobless claims could indicate a weakening economy, potentially boosting safe-haven assets like Bitcoin as investors seek refuge. Conversely, a decline in claims could signal a strengthening economy, potentially increasing risk appetite and benefiting other crypto assets.
In addition, Purchasing Managers’ Index (PMI) figures will provide insights into manufacturing and service sector activity. A strong PMI reading suggests economic growth, which might fuel positive sentiment for cryptocurrencies. Conversely, a weak PMI reading could signal a slowing economy, potentially impacting crypto market sentiment.
Stay tuned for updates on these economic indicators and their potential impact on the crypto market this week.