#Nonfarm Payrolls Cut
The Labor Statistics Bureau has revised the July nonfarm payrolls figure downward from +21,000 to -10,000. For August, it was revised down from 162,000 to 133,000. In total over the two months, the revisions are 60,000 lower than before; as employment figures move downward, the market will re-evaluate the policy path.
After the news release, the $BTC contract moved from 86,580.3 to 86,864.2, up 0.32%. Open interest value increased by 0.88%, the buy-sell ratio was 1.125, and the trading value over the past hour was 2.48 times the 24-hour average. Price and open interest rose in tandem, and this rebound has attracted new positioning. However, in the past 15 minutes, the buy-sell ratio has fallen to 0.81; sell orders are 1.23 times the buy orders. Short-term momentum is weakening.
A downward revision to employment usually implies the policy path is more likely to move toward a looser direction, which provides a bit of support to the risk-on trend. As long as price stays above 83,408.1 and open interest does not show a rapid decline, the structure of this move can still be considered intact. But if price falls back near 83,408.1 again and open interest contracts, then this corrective phase would be considered broken.
The Labor Statistics Bureau has revised the July nonfarm payrolls figure downward from +21,000 to -10,000. For August, it was revised down from 162,000 to 133,000. In total over the two months, the revisions are 60,000 lower than before; as employment figures move downward, the market will re-evaluate the policy path.
After the news release, the $BTC contract moved from 86,580.3 to 86,864.2, up 0.32%. Open interest value increased by 0.88%, the buy-sell ratio was 1.125, and the trading value over the past hour was 2.48 times the 24-hour average. Price and open interest rose in tandem, and this rebound has attracted new positioning. However, in the past 15 minutes, the buy-sell ratio has fallen to 0.81; sell orders are 1.23 times the buy orders. Short-term momentum is weakening.
A downward revision to employment usually implies the policy path is more likely to move toward a looser direction, which provides a bit of support to the risk-on trend. As long as price stays above 83,408.1 and open interest does not show a rapid decline, the structure of this move can still be considered intact. But if price falls back near 83,408.1 again and open interest contracts, then this corrective phase would be considered broken.
