The U.S. unemployment rate was just 4.1% in October, below the 4.2% forecast, and gold lost more than $30 per ounce right afterward 📉
The U.S. Bureau of Labor Statistics released its October jobs report on November 6. Nonfarm payrolls significantly exceeded expectations. Unemployment also improved from 4.2% the previous month.
The revisions were noteworthy:
• August: revised from 133,000 to 186,000
• September: revised from 29,000 to 60,000
• 84,000 additional jobs across both months
The labor market is stronger than the Fed thought when it raised interest rates on September 16. U.S. short-term interest rate futures fell. Traders increased their bets that the Fed will raise rates again in December.
Gold felt the impact immediately: its price fell by more than $30 to $4,042 per ounce. Higher interest rates make non-yielding assets less attractive.
For $BTC, this data is a short-term headwind because liquidity is tightening further. I’m watching October CPI ahead of the December meeting. If CPI also comes in hot, another Fed rate hike will be difficult to avoid. Do you think the Fed will raise rates again? 🤔
#NFP #Fed #Gold
The U.S. Bureau of Labor Statistics released its October jobs report on November 6. Nonfarm payrolls significantly exceeded expectations. Unemployment also improved from 4.2% the previous month.
The revisions were noteworthy:
• August: revised from 133,000 to 186,000
• September: revised from 29,000 to 60,000
• 84,000 additional jobs across both months
The labor market is stronger than the Fed thought when it raised interest rates on September 16. U.S. short-term interest rate futures fell. Traders increased their bets that the Fed will raise rates again in December.
Gold felt the impact immediately: its price fell by more than $30 to $4,042 per ounce. Higher interest rates make non-yielding assets less attractive.
For $BTC, this data is a short-term headwind because liquidity is tightening further. I’m watching October CPI ahead of the December meeting. If CPI also comes in hot, another Fed rate hike will be difficult to avoid. Do you think the Fed will raise rates again? 🤔
#NFP #Fed #Gold
