Over the weekend, the market consolidated at $80K, followed by a stronger-than-expected August jobs report. Last Friday, nonfarm payrolls increased by 162,000 in August, more than triple the 53,000 economists had expected, according to the U.S. Bureau of Labor Statistics (BLS).
The Crypto Fear and Greed Index is currently at 74, indicating cautious optimism as traders look ahead to the CPI release and the result of the upcoming FOMC meeting to be held on Sep 15-16.
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What Traders Should Watch Out for This Week
This week is dominated by a macro theme: upcoming U.S. inflation data and the Fed’s September rate decision.
This Friday’s CPI report is the final key update before the Federal Reserve’s September 15–16 policy meeting, where officials will decide whether to raise, hold, or pause interest rates. Financial markets currently estimate a 60–66% chance of a small 0.25% interest rate hike at the upcoming meeting. Traders should continue monitoring these updates, as higher rates can put downward pressure on cryptocurrencies like Bitcoin.
Here are the major economic indicators to watch out for this week:
- Sep 8: NFIB index of small business optimism and consumer credit
- Sep 10: Weekly jobless claims, PPI, ex-food & energy PPI, M/M%, PPI, Y/Y%, monthly wholesale trade, existing home sales
- Sep 11: CPI, CPI core, Y/Y%, U. Michigan Prelim consumer survey, monthly treasury balance
