Key Economic Events and Crypto Market Outlook for October 2023

Weekly Macro Update: Events from September 30 to October 6

In the financial world, staying updated with the latest macroeconomic events is crucial for informed trading and investment decisions. According to recent analysis by Odaily, macro researcher Adam has pinpointed several significant events coming up this week that could impact the markets, particularly the U.S. stock and cryptocurrency markets.

Key Macroeconomic Data Release

This week’s most critical macroeconomic indicators include the unemployment rate and non-farm payroll data, both set for release on Friday. These metrics are vital as they provide insights into the health of the job sector, which can influence investor sentiment and market performance.

Market Overview: A-shares vs. U.S. Stocks

As we look at the broader market landscape, the A-share market is currently flourishing, exhibiting better performance than the U.S. stock market. However, it's essential to note that the cryptocurrency market remains closely tied to U.S. equities. One of the few connections between A-shares and cryptocurrencies might be the trend of investors cashing out from cryptocurrencies to invest in stocks. This trend has, in turn, resulted in a decrease in the fiat price of USDT.

Market Sentiment and Confidence

Despite the ongoing fluctuations, market confidence appears to have somewhat recovered, suggesting that we might still be in a bottoming phase. Monitoring key events and data releases this week is crucial, as they can influence market directions.

Schedule of Major Events This Week

• Monday, September 30: U.S. President Biden's speech at 23:00 (UTC+8)
• Tuesday, October 1: Federal Reserve Chairman Powell's speech at the National Association for Business Economics at 02:00 (UTC+8) and the release of U.S. September ISM Manufacturing PMI at 22:00 (UTC+8)
• Wednesday, October 2: U.S. September ADP Employment Change at 20:15 (UTC+8)
• Thursday, October 3: U.S. Initial Jobless Claims for the week at 20:30 (UTC+8)
• Friday, October 4: U.S. September Unemployment Rate and Non-Farm Payrolls, both at 20:30 (UTC+8)

Cryptocurrency Market Outlook

The cryptocurrency market is anticipated to enter a volatile phase as we conclude the quarterly settlements. Despite the downward pressure observed this week, it is worth noting that major term implied volatility remains at a subdued level. Historically, October has been known to be a favorable month for the market, leaving room for potential upward movements as we progress through the month.

Conclusion

Investors should closely monitor these key macroeconomic events and market conditions this week. Understanding the intricate relationships between different asset classes, including stocks and cryptocurrencies, can provide valuable insights for strategic investment decisions.