The week begins on Monday with the release of the US manufacturing PMIs, among other important events.
The business week leading up to the Easter holidays begins on Monday with the release of the US manufacturing PMIs. On Tuesday, the US JOLTs labor report will be released. On Wednesday, the Institute of Supply and Management will present the latest Purchasing Managers’ Indexes for the US service sector. In closing the week, on Good Friday, current US unemployment numbers will be released.
Below are details of such economic data.
Monday: US Purchasing Managers’ Index for the Manufacturing Economy
Investors watch the US ISM Manufacturing Purchasing Managers’ Index (PMI) this afternoon at 4:00 ET. If the Purchasing Managers’ Index corrects again, consolidation in the US stock markets could be expected, as occurred in the previous month.
It remains to be seen if the trend of relative BTC price outperformance compared to US stock markets can be consolidated. In an optimal scenario, the cryptocurrency sector can also join this positive movement, and return to the trend toward its highs of the previous week. However, traditionally, sales in the week leading up to Easter are below average, so a sustained sideways phase should not come as a surprise
Tuesday: JOLT Job Report
On Tuesday afternoon, at 4 pm, the current JOLTS employment report for the month of March will be released.
If the number of vacancies is below expectations for the first time, this would point to the economic slowdown that market experts have been forecasting for some time. In addition, a deterioration in the situation in the labor market would further increase the probability of an economic recession in the second quarter.
A weak JOLTS report is likely to trigger further pullbacks in US stock indices prices, putting further price pressure on the crypto market. Nevertheless, if US companies continue to create more new jobs than anticipated, as they have done in the last six months, it would increase the likelihood that the bullish trend in US stock indices will continue.
Wednesday: US Service Sector Purchasing Managers Indices
The latest Purchasing Managers’ Indexes will be released midweek at 4:00 p.m. m. If the analyst estimate of 54.5 is broken again, investors should continue to rate it positively, thus benefiting the stock and crypto market. If, contrary to expectations, the services sector weakens significantly, this would indicate that the US economy is becoming increasingly cooler overall. Troubles in the service sector should also further increase the probability that inflation will fall significantly in the coming months.
Friday: US Jobs and Unemployment Rate Report
At 2:30 p.m. this Friday, the United States unemployment rate for the month of March will be published. The estimate of market experts is 3.6 percentage points.
If the number of new jobs is below analysts’ expectations, the unemployment rate is likely to rise and reach the level of December 2022. However, in anticipation of a public holiday, trading in shares of the USA will remain closed. Consequently, a clear reaction would only be expected to the figures published on Easter Monday, April 10.
By Audy Castaneda
