Crypto Market Watches US Jobs Report, Russia’s Digital Ruble Rollout This Week

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.