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- The cryptocurrency market this week is focused on the US August employment report and Russia’s digital ruble rollout schedule.
- The direction of rate expectations, the dollar and Treasury yields could hinge on the US jobs data.
- Investors are also watching Russia’s large-scale digital ruble rollout, proposed rules for a ruble-based stablecoin, and token unlock schedules for SUI and ENA.
Forecast Trend Report by Period
The cryptocurrency market this week is focused on US labor data and Russia’s digital ruble rollout schedule. The US August employment report due Sept. 4 stands to shape interest-rate expectations, as well as moves in the dollar and Treasury yields.
CoinDesk reported that the US August nonfarm payrolls report will be released at 8:30 a.m. Eastern on Sept. 4. Economists expect payrolls to increase by 58,000 after a decline of 23,000 in July. The unemployment rate is forecast at 4.1%, down from 4.2% the previous month.
Weaker-than-expected employment data could curb expectations for additional US rate hikes, putting downward pressure on Treasury yields and the dollar, CoinDesk said. A strong rebound in hiring, by contrast, could revive bets on higher rates.
Ahead of that release, the US will publish its August manufacturing purchasing managers index and July Job Openings and Labor Turnover Survey, or JOLTS, on Sept. 1. Weekly initial jobless claims and the August services PMI are due on Sept. 3.
In <a href="https://xpertsstudio.com/russias-crypto-market-could-hit-46b-in-year-one-as-new-trading-rules-unlock-massive-demand/" title="Russia’s Crypto Market Could Hit $46B in Year One as New Trading Rules Unlock Massive Demand”>crypto markets, Russia’s digital ruble timetable is also in focus. Russia will enter the first large-scale phase of the digital ruble rollout on Sept. 1. The same day is also the deadline for comments on proposed regulations for a ruble-based stablecoin being advanced by the Central Bank of Russia.
On the token calendar, Sui will unlock about $10.23 million of tokens on Sept. 1, equivalent to 0.33% of circulating supply. Ethena will release about $28.39 million of tokens on Sept. 5, equal to 1.92% of circulating supply.
#Employment Indicator
#Interest Rate
#Digital Assets
SUI
ENA
Source: en.bloomingbit.io