Bitcoin and the cryptocurrency market will come from the SEC spot Bitcoin ETF while focusing on your decision BTC And in altcoins Today, all eyes are on the economic data coming from the USA.
The data announced on the first Friday of each month is closely followed by investors and interested parties to understand the state of the economy.
The data disclosed is as follows:
Non-agricultural employment data: Announced 216k – Expected 170k – Previous 199k
Unemployment data: Announced 3.7% – Expected 3.8% – Previous 3.7%
After incoming data Bitcoin and the reaction of the dollar index was as follows:
Effect of Non-Farm Employment and Unemployment Data on Price!
Non-agricultural employment data coming in above expectations is considered a signal of economic recovery in that country and has a positive impact on the currency.
Changes in the labor market have a significant impact on the FED’s monetary policy. Those who think that the labor market should cool down in addition to the decrease in inflation Fedfollows employment data closely.
The reversal in interest rate increases due to the impact of the banking crisis may accelerate in favor of risky assets with lower inflation and employment data.
If the announced data exceeds expectations DXYWe can see that (dollar index) is rising and Bitcoin is pulling back a bit. If it comes below expectations, it may cause us to see a retreat in DXY.
The increase in the unemployment rate may cause us to see a sharp retreat in DXY. this too Bitcoin will be positive for .
In both possibilities, volatility will be high during the minutes when the data is announced.
*This is not investment advice.
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