We are approaching the last week of July, so cryptocurrency traders may want to consider what happens to the US dollar. In any case, there was little to no market activity following Bitcoin’s consolidation around $30k over the preceding three weeks.
Therefore, if the volatility of the US dollar increases in the coming week, Bitcoin’s volatility may as well. As a result, if Bitcoin’s volatility increases, the entire cryptocurrency market will likely become much more active.
Therefore, the following three events could have an impact on the US dollar’s perception the following week:
Non-Farm Payrolls, ISM Manufacturing, Companies PMI, and Employment Change
Companies PMI and ISM Manufacturing
The 50 stage is used to understand the PMI data, which is calculated month to month. A print that is larger than 50 shows an expanding sector, but one that is higher than 50 shows an expanding sector.
Due to the fact that the US economy is built on services, the US dollar tends to place more emphasis on the business sector. However, this week’s major focus will likely be on the manufacturing data because it is predicted to come in under the 50 level. Any positive surprises should result in a stronger US dollar.
Employment Change ADP
On Wednesday, the ADP Employment Change or the private payroll figures will likely be released. Market participants examine the non-public payrolls in preparation for the crucial Non-Farm Payrolls report that is coming two days later.
The market anticipates that the US economy will have created 195k new jobs in July this week. Details are important because the ADP and NFP data frequently reflect the same phenomenon.
Other Payrolls
The NFP report for the month of July is due on the following Friday because it is the first of the new month. The market anticipates that the US economy added 200k new jobs in July and that the unemployment rate stayed constant at 3.6%.
