ING analysts: Friday's non-farm payrolls data may be weak, which may increase volatility in the crypto market

Analysts at ING warned that Friday’s U.S. nonfarm payrolls report could miss expectations, which could add to volatility in financial markets, including cryptocurrencies. “Evidence from the employment portion of the ISM and NFIB surveys suggests that risks are tilted toward fewer payrolls,” ING analysts said in a note to clients on Friday, explaining their bearish view on the dollar. A weak report would undoubtedly strengthen expectations of a rate cut by the Federal Reserve this year, weakening the dollar’s ​​appeal. Although Fed Chairman Jerome Powell ruled out a big rate cut on Wednesday, traders already expect the Fed to start cutting rates and ramping up easing in September. ING said macroeconomic forces could push the dollar lower once safe-haven demand from ongoing stock market turmoil and geopolitical tensions fades.