$BTC The U.S. added 165,000 jobs in October!
The flash report shows that job gains exceeded expectations.
The unemployment rate fell to 4.1%, also better than expected!
Markets had originally expected the unemployment rate to hold at 4.2%.
Strong employment puts BTC bulls to the test on interest rates!
According to this flash report, the U.S. added 165,000 jobs in October, and the unemployment rate fell to 4.1%. However, these figures still need to be confirmed by the full official report. Markets had previously expected the unemployment rate to hold at 4.2%, with about 65,000 jobs added. If the flash figures are confirmed, job gains will exceed that forecast by 100,000, showing that the labor market is much more resilient than expected.
For BTC, the near-term risk is that markets may once again raise their interest rate expectations, but wage growth also needs to be taken into account. If the dollar and Treasury yields rise in tandem, any rebound could face selling pressure. If wage growth remains moderate and yields retreat after rising, the market may instead focus on economic resilience. I’ll be watching the first pullback after the data: whether selling continues to push prices to new lows will be more telling than the first move up or down.
If the dollar and yields continue to rise, BTC bulls will still have to withstand macro-driven selling pressure.
If prices hold above their lows after the strong data comes in, bulls may get a chance to regain momentum as buyers step in!
Tap the card below to get started! 👇
$ETH $SOXL
The flash report shows that job gains exceeded expectations.
The unemployment rate fell to 4.1%, also better than expected!
Markets had originally expected the unemployment rate to hold at 4.2%.
Strong employment puts BTC bulls to the test on interest rates!
According to this flash report, the U.S. added 165,000 jobs in October, and the unemployment rate fell to 4.1%. However, these figures still need to be confirmed by the full official report. Markets had previously expected the unemployment rate to hold at 4.2%, with about 65,000 jobs added. If the flash figures are confirmed, job gains will exceed that forecast by 100,000, showing that the labor market is much more resilient than expected.
For BTC, the near-term risk is that markets may once again raise their interest rate expectations, but wage growth also needs to be taken into account. If the dollar and Treasury yields rise in tandem, any rebound could face selling pressure. If wage growth remains moderate and yields retreat after rising, the market may instead focus on economic resilience. I’ll be watching the first pullback after the data: whether selling continues to push prices to new lows will be more telling than the first move up or down.
If the dollar and yields continue to rise, BTC bulls will still have to withstand macro-driven selling pressure.
If prices hold above their lows after the strong data comes in, bulls may get a chance to regain momentum as buyers step in!
Tap the card below to get started! 👇
$ETH $SOXL
