Bitcoin As it continues to push $28,000 BTC and altcoinToday, 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: Expected 170k – Previous 187k – Announced 336k
Unemployment data: Expected 3.7% – Previous 3.8% – Announced 3.8%
After incoming data Bitcoin And dollar The reaction of the index is 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. The FED, which thinks that the labor market should cool down in addition to the decrease in inflation, follows 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, we can see that DXY (dollar index) rises and Bitcoin retreats slightly. 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 will also be positive for Bitcoin.
In both possibilities, volatility will be high during the minutes when the data is announced.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!