The crypto market has been on an upward trend, reaching a new high of $2.73 trillion after a shaky March

This week brings key US economic reports that could influence market movements. Investors are keeping an eye on employment data, manufacturing trends, and a speech from Federal Reserve Chair Jerome Powell.

The crypto market has been on an upward trend, reaching a new high of $2.73 trillion after a shaky March. However, this week brings key US economic reports that could influence market movements. Investors will be focusing on employment data, manufacturing trends, and a speech by Federal Reserve Chair Jerome Powell.

Monday, April 1

The first major economic event is the ISM Manufacturing PMI report for March, which is due on Monday at 15:00 GMT. This report will provide insights into the US manufacturing sector, which has shown signs of weakening in recent months.

The index is expected to rise to 50.6, compared to 50.3 in February, and a reading above 50 would indicate expansion in the sector. A decline in the US dollar could benefit Bitcoin and other cryptos.

Also on Monday, the JOLTS report for March will be released at 13:00 GMT, offering details on job openings, layoffs, and resignations.

In February, job openings were reported at 7.7 million, and economists anticipate a similar figure of 7.65 million for March. A strong job market could signal economic resilience, while any unexpected weakness may boost crypto as an alternative investment.

Wednesday, April 3

On Wednesday, jobless claims will be released at 13:30 GMT, providing a fresh look at the labor market. Last week’s claims stood at 224,000, and this week’s forecast is slightly higher at 225,000.

While fewer initial claims suggest stability in layoffs, rising continuing claims indicate challenges in finding new jobs after layoffs.

Additionally, the ISM Services PMI report for March will be released at 14:45 GMT, offering insights into the non-manufacturing sector, which plays a crucial role in economic growth.

February’s data stood at 53.3, hinting at a slight contraction in the sector. Analysts expect the March figure to drop further to 52.5, signaling potential weakness in the broader economy.

Friday, April 4

Friday will see the release of the highly anticipated March employment report at 12:30 GMT, with analysts expecting over 250,000 new jobs to be announced.

The unemployment rate, which was at 4.1% in February, is expected to decrease to 4%. Strong job data could influence the Federal Reserve’s stance on interest rates.

Another key event on Friday is a speech by Federal Reserve Chair Jerome Powell, which is scheduled for 17:00 GMT. In his previous statements, Powell has hinted at potential interest rate cuts in the second quarter. Any confirmation or change in this stance could impact both traditional and crypto markets.

This week’s economic reports will shape market sentiment across all asset classes, including crypto. Bitcoin, Ethereum, Solana, XRP, and Dogecoin are already trading in the green, continuing the bullish momentum seen in March.

If economic data weakens, investors may turn to crypto as a hedge, while strong job growth could strengthen the dollar, potentially slowing the crypto rally.