- After a quiet start to the week, crypto markets are bracing for a volatile three days of key US data
- A key divergence between the S&P and ISM manufacturing reports is creating market uncertainty
- The main event is Friday’s August jobs report, which could confirm or deny a September Fed rate cut
The first week of September is already proving to be a critical one for the crypto market. After a quiet start on Monday, traders are now bracing for a flood of high-stakes U.S. economic data and the final round of Fed speeches.
The next three days are crucial, as this is the last batch of information that will shape the narrative for the make-or-break September 17 rate decision.
Same time in 2024: Key Economic Events in September to Shape Crypto Markets
How Will the Rest of This Week’s Jobs Data Impact Bitcoin?
The main event that will shape the September narrative is the U.S. labor market data. A strong or weak report this week could determine Bitcoin’s trajectory for the entire month.
Why are crypto traders watching the upcoming JOLTS and NFP reports?
Starting tomorrow, the data drops begin with Wednesday’s JOLTS survey and Thursday’s ADP report. But the main event is Friday’s August payrolls report. The market expects a moderate +100,000 job gain. A much weaker number would solidify the case for a September rate cut and be highly bullish for crypto.
A surprisingly strong print, however, could kill the easing narrative and send risk assets like Bitcoin sharply lower.
The Final Fed Speeches Are Coming Up. What Should Traders Expect?
This week is the last chance to hear from Fed officials before they enter their mandatory pre-meeting blackout period. Their final words will carry immense weight.
Which Fed speakers will shape the September narrative?
St. Louis Fed President Alberto Musalem speaks tomorrow (Wednesday), followed by heavyweights John Williams (New York) and Austan Goolsbee (Chicago) on Thursday. Any unexpectedly hawkish or dovish comments from them could set the market’s direction heading into the FOMC meeting.
Are Global Events Still a Risk This Week?
Beyond the U.S. data, several international events could still spill over and impact crypto’s volatility.
Key international risks to watch
Europe will publish its flash inflation data, with headline prices expected to inch higher while core eases. France faces a crucial confidence vote that could unsettle markets and test the European Central Bank’s response.
In Asia, the Shanghai Cooperation Organisation summit brings together leaders from China, India, and Russia against the backdrop of rising US tariffs. These developments could add fresh pressure on trade flows already strained by Washington’s recent levies.
Related: Cryptocurrency Market Braces for Impact: Key Events to Watch This Week
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