Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
A weak report will likely bolster Fed rate cut expectations and potentially support risk assets, including bitcoin.
With markets awaiting Friday's U.S. nonfarm payrolls report, analysts at ING caution that the scales are tipped toward a weaker number, potentially adding to volatility in financial markets, including cryptocurrencies. The data due at 8:30 ET is expected to show the U.S. economy added 185,000 jobs in July, down from June's 206,000, according to economists polled by the Wall Street Journal. The jobless rate is seen at 4.1%, unchanged from June, while the annual growth in hourly wages likely slowed to 3.7%.
"Evidence from employment components of the ISM and NFIB surveys suggest the risks are skewed to a weaker payroll print," analysts at ING said in a note to clients Friday, explaining their bearish view on the dollar.the Fed to begin cutting rates in September and ramp up easing even though Chairman Jerome Powell on Wednesday ruled out big rate cuts.
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