ForexLive analyst Giuseppe Dellamotta highlights the recent weakness in risk assets, attributing it to the weak U.S. nonfarm payrolls release. With the JOLTS job opening data, ISM services PMI, ADP and weekly jobless claims due this week, followed by the August nonfarm payrolls report on Friday, the market’s attention is firmly on U.S. economic indicators.
Analysts at ING suggest that if the consensus for Friday’s jobs report proves accurate, market expectations will solidify around a 25 basis point rate cut by the Federal Reserve on September 18th. However, ING’s U.S. economists predict a weaker jobs report, potentially leading to a continued decline in the U.S. dollar.
From a technical perspective, Bitcoin appears to be on the defensive ahead of these critical data releases. Valentin Fournier, an analyst at BRN, points to indicators like the MACD histogram, which suggests a strengthening of the downside momentum. He notes that technical indicators point toward potential further declines for Bitcoin, potentially toward the $56,000 level.
