- Recent economic data does not favor cryptocurrencies.
- US Core
Durable Goods Orders – Announced: 0.5% (Expected: 0.2% Previous: 0.2%)
- US Unemployment Benefit Claims – Announced: 230K (Expected: 240K Previous: 239K)
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The recent economic data has not been favorable for cryptocurrencies, with US Core Durable Goods Orders and Unemployment Benefit Claims both exceeding expectations. This could have a negative impact on the market.
Latest Developments in Cryptocurrency
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For the past two years, macroeconomic data has become increasingly important for cryptocurrency investors. The Federal Reserve’s (Fed) initiation of a tight monetary policy period has amplified the influence of critical data other than interest and inflation on cryptocurrencies. So, what do the latest data indicate for investors?
Upcoming Events and Their Impact
Tomorrow at 14:00 GMT time, Powell will speak at the Jackson Hole event that started today. The market has been optimistic for a few days now, expecting a dovish stance. On the other hand, today’s data shows that employment remains strong. The Fed wants to solve the problem of employment and wage increases to combat inflation.
Analysis of Recent Data
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Core durable goods orders were announced at 0.5%, compared to the previous 0.2%. On the other hand, unemployment benefit claims came in at 230K, while 240K was expected. Although the deviation in the data is not extreme, it is not in favor of cryptocurrencies. If we remember the previous wage increases and critical data such as inflation, we see that everything is not going exactly as the Fed wants.
Investors will focus on August’s inflation and wage increase data before the new interest rate decision to be announced at the end of next month. So far, the unfavorable data has not had a negative impact on the Bitcoin price. This could be due to the ongoing optimism about Powell.