Crypto Market Tunes In to US Jobs Report and Russia's Digital Ruble Rollout
The cryptocurrency market is focused on two key events this week: the US August employment report and Russia's digital ruble rollout schedule.
The US August nonfarm payrolls report, due out on September 4, will shape interest-rate expectations, as well as moves in the dollar and Treasury yields. Economists expect payrolls to increase by 58,000 after a decline of 23,000 in July, with an unemployment rate 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, while a strong rebound in hiring could revive bets on higher rates.
Russia's digital ruble rollout is also in focus, with the first large-scale phase set to begin on September 1. The Central Bank of Russia will also release proposed regulations for a ruble-based stablecoin on the same day, with comments due by the end of the month.