On Friday at 8:30 PM Beijing time, the U.S. will release its July employment report, which is expected to show a moderation in job growth and a slight increase in the unemployment rate.
Expectations for U.S. Employment Data
According to forecasts, job growth is expected to reduce to 110,000, and the unemployment rate may increase slightly to 4.2%. Wage growth might rise modestly by 0.3%.
Impact on Federal Reserve Policy
It is anticipated that if the data confirms a slowing job market, it may not provoke immediate action from the Federal Reserve. However, analysts emphasize that weaker job data could dampen hawkish expectations, potentially easing dollar pressures and fostering a gold price rebound.
Market Reaction to Employment Data
Historically, subdued U.S. job growth has often led to strength in risk assets, including cryptocurrencies, as dollar pressures eased. Currently, Bitcoin is trading at $114,635.43, down 3.33% over the last 24 hours, with a market cap of $2.28 trillion.
The upcoming U.S. employment data may significantly influence both Federal Reserve policy and cryptocurrency market volatility as investors closely monitor these economic indicators.
