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Global Market Highlight
The Manufacturing PMI® fell to 49.2 percent in April, down 1.1 percentage points from March's 50.3 percent. Despite this decrease, the economy continued to expand for the 48th consecutive month after a contraction in April 2020. The Prices Index rose to 60.9 percent, an increase of 5.1 percentage points from March's 55.8 percent.
In March, the number of job openings was 8.49 million, a decrease of 325,000 from the previous month. However, February's openings figure was revised upward by 57,000, emphasizing the decline. Job openings were down by 1,135,000 from the previous year. U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), rose by 7.3 million barrels from the week ending April 19 to the week ending April 26.
The Federal Reserve, after raising the policy rate by 5.25 percentage points since March 2022 in response to rising price pressures, has kept the policy rate unchanged since July 2023 to combat high inflation, maintaining benchmark interest rates at 5.25 percent - 5.50 percent.
April's figures were lower than expected, with the unemployment rate rising from 3.8% to 3.9% over the month. However, this data underscores the ongoing strength of the job market, marking the 40th consecutive month of job gains in the US and the 27th consecutive month with the unemployment rate below 4% – the longest such streak since 1953.
The Institute of Supply Management (ISM) released its April services purchasing managers' index (PMI), which fell to 49.4 from the previous month's 51.4. This decline was driven by lower business activity, slower growth in new orders, faster supplier deliveries, and continued contraction in employment. The Prices Index rose to 59.2 percent in April, a 5.8-percentage point increase from March's 53.4 percent, indicating overall expansion in the non-manufacturing sector economy.
Bitcoin Price Analysis
Bitcoin has experienced a recent downtrend, largely influenced by the FOMC meeting on May 2nd. The price of Bitcoin bounced from a key support level at $58,000 in the next day after FOMC and is currently consolidating around the $64,000 level. The $58,000 level has proven to be a strong support zone, with multiple bounces in the recent past. a failure to hold above $58,000 could lead to further downside towards the $53,000 support level.
Ethereum Price Analysis
Ethereum (ETH) has experienced a recent downtrend, partly influenced by broader market sentiments following the FOMC meeting on May 2nd. Despite the downtrend, Ethereum has shown resilience and is holding above key support levels. Ethereum has found support around the $2,900 level, which has held despite the recent market volatility. Traders should watch for a break above the $3,300 resistance level as a potential signal of a trend reversal.
Solana Price Analysis
The cryptocurrency market, including Solana, has been sensitive to Bitcoin's price movements, Solana has found support around the $130 level, which has held despite the recent market volatility. Immediate resistance is seen around the $160 level, with further resistance at $170. Break above the $160 resistance level as a potential signal of a trend reversal, while a break below the $130 support level could indicate further downside.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
