The market closed the prior week on a risk-on note after a much softer-than-expected U.S. jobs report: September nonfarm payrolls came in at 29,000, and the unemployment rate rose to 4.2% from 4.1%. The 10-year yield still closed the week around 5.27%, keeping pressure on duration-sensitive assets despite the softer labor print.
Bitcoin notched its third straight week of gains, briefly touching $87K on Friday before settling comfortably near $84K over the weekend.
Market mood remains upbeat, with the Crypto Fear and Greed Index sitting at 69, pointing to healthy, cautious optimism.
What Traders Should Watch Out for This Week
This week shifts attention from heavy economic data to Federal Reserve commentary. Upcoming FOMC meeting minutes will give us a clearer look into how policymakers feel about further rate hikes versus holding steady at 3.75–4.00%. With employment slowing down, analysts expect the Fed is likely to pause rate hikes in October. However, any surprisingly firm comments could boost the dollar and bond yields, which might briefly weigh on stock and crypto markets.
Keep an eye on oil and global news as well. On Oct 4, OPEC+ decided to keep oil production steady for November. Still, ongoing Middle East developments and potential fuel reserve updates from G7 nations could cause temporary energy price moves that influence broader market expectations.
Here are the major economic indicators to watch out for this week:
- Oct 5: US services PMI
- Oct 6: U.S. trade balance
- Oct 7: Federal Open Market Committee meeting minutes and consumer credit
- Oct 8: Weekly jobless claims and monthly wholesale trade
- Oct 9: U. Michigan Prelim consumer survey
