$BTC
U.S. October nonfarm payroll data is out ✔️👇
- Nonfarm payrolls: +165,000 (versus expectations of only around 60,000, a big beat)
- Unemployment rate: down to 4.1%
- Hourly wages: +0.4% month over month, +3.1% year over year (running hot)
The data was broadly strong, reinforcing expectations of a Fed rate hike in December. The dollar and Treasury yields are likely to find support, while risk assets may face pressure in the short term.
🤔 I think this nonfarm payrolls beat, combined with hotter wages, shows that the labor market remains resilient and weakens the soft-landing narrative. In the short term, this is bearish for crypto. If the upcoming CPI data isn't a shock, however, the market may digest the news quickly, and the pullback could even be a buying opportunity. The key is still to watch the Fed's next comments—don't let one month's data scare you too much.
U.S. October nonfarm payroll data is out ✔️👇
- Nonfarm payrolls: +165,000 (versus expectations of only around 60,000, a big beat)
- Unemployment rate: down to 4.1%
- Hourly wages: +0.4% month over month, +3.1% year over year (running hot)
The data was broadly strong, reinforcing expectations of a Fed rate hike in December. The dollar and Treasury yields are likely to find support, while risk assets may face pressure in the short term.
🤔 I think this nonfarm payrolls beat, combined with hotter wages, shows that the labor market remains resilient and weakens the soft-landing narrative. In the short term, this is bearish for crypto. If the upcoming CPI data isn't a shock, however, the market may digest the news quickly, and the pullback could even be a buying opportunity. The key is still to watch the Fed's next comments—don't let one month's data scare you too much.
