Economic data from the U.S. turned out weaker than expected yesterday, hinting that the upcoming top-tier NFP release could also print downbeat results. The ISM manufacturing PMI tumbled from 52.6 to 49.4, which indicates industry contraction, worse than the estimated fall to 52.0.
Of particular interest is the employment component, which showed another decline for August and hinted of a possible reduction in the total workforce. Analysts are expecting to see a 180K gain in non-farm payrolls for the month, lower than the earlier 255K increase.
Keep in mind that the ADP report featured a significant upgrade in the July figure from 179K to 194K, suggesting that previous NFP readings could also see upward revisions and add to the bottom line jobs gains. This, coupled with upbeat August data, could yield strong gains for the dollar across the board if Fed rate hike odds increase.
On the other hand, downbeat results could lead traders to pare their long dollar positions and yield a rally for bitcoin price.
http://www.newsbtc.com/2016/09/02/bitcoin-price-technical-analysis-09022016-make-break/
