Positive news from the US on the debt limit agreement bitcoin And altcoinwhile increasing the BTC its price increased by about 2% to $27,200. Ethereum (ETH) price also rose 2% to almost $1900.
While the market remains active BTCThe eyes were turned to the economic data to be announced today.
The data disclosed is as follows:
In non-farm employment data Expected 180k – Previous 253k – Announced 339k
In unemployment data Expected 3.5% – Previous 3.4% – Announced 3.7%
The data announced on the first Friday of every month are followed closely by investors and interested parties in order to understand the state of the economy.
After incoming data bitcoin And dollar indexs response is as follows:
The Effect of Non-Farm Employment and Unemployment Data on Price!
The fact that the non-farm employment data is above the expectations is considered as a signal of the economic recovery in that country and has a positive effect on the currency.
Changes in the labor market are highly influential on the Fed’s monetary policy. The FED, which thinks that the labor market should cool down in addition to the fall in inflation, closely monitors employment data.
With the effect of the banking crisis, the reversing wind in interest rate increases may accelerate in favor of risky assets with lower inflation and employment data.
If the announced data comes above the expectation, we can see that DXY (dollar index) rises and Bitcoin pulls back a little. If it comes below the expectation, it may cause us to see a pullback in DXY.
The increase in the unemployment rate may cause us to see a sharp pullback in DXY. This will also be positive for Bitcoin.
In both cases, volatility will be high during the minutes when the data is released.
*Not investment advice.
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