Summary
- The US August employment report is poised to be a key driver of the interest-rate outlook and the direction of the dollar and Treasury yields.
- Russia will begin the first large-scale rollout of the digital ruble on Sept. 1, when the comment period for proposed ruble-based stablecoin regulations will also close.
- On the token calendar, Sui (SUI) and Ethena (ENA) will unlock 0.33% and 1.92% of circulating supply, respectively, releasing tokens worth tens of millions of dollars through circulating-supply unlocks.
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, is a key gauge for interest-rate expectations and moves in the dollar and Treasury yields.
CoinDesk reported on Aug. 31 that US nonfarm payrolls for August will be released at 8:30 a.m. Eastern on Sept. 4, or 9:30 p.m. in South Korea. Economists expect payrolls to increase by 58,000 after a decline of 23,000 in July. The August unemployment rate is forecast at 4.1%, down from 4.2% a month earlier.
A weaker-than-expected jobs report could ease expectations for additional US rate hikes, putting downward pressure on Treasury yields and the dollar, CoinDesk said. A stronger rebound in employment, by contrast, could revive expectations for higher rates.
Earlier in the week, the US August manufacturing Purchasing Managers’ Index and the July Job Openings and Labor Turnover Survey are due Sept. 1. Weekly initial jobless claims and the August services PMI will be released Sept. 3.
In crypto markets, Russia’s digital ruble timeline is also in focus. Russia will begin the first large-scale phase of its digital ruble rollout on Sept. 1. The deadline for public comments on proposed regulations for a ruble-based stablecoin backed by the Central Bank of Russia also falls that day.
On the token calendar, Sui will unlock tokens equal to 0.33% of its circulating supply on Sept. 1, worth about $10.23 million. Ethena will release tokens worth about $28.39 million on Sept. 5, equal to 1.92% of its circulating supply.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.