Bitcoin, traded at $30,000 levels, focused on data from the USA today.
Here is the data announced in the USA as follows:
Nonfarm payrolls: Expected 225k – Previous 339k – Disclosed 209k
Unemployment data: Expected 3.6% – Previous 3.7% – Disclosed 3.6%
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 the incoming data, the reaction of Bitcoin and the dollar index is as follows:
The Effect of Non-Farm Employment and Unemployment Data on Price
The fact that the non-farm employment data is above 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 very effective on the monetary policy of the FED. The FED, which thinks that the labor market should cool down in addition to the fall in inflation, closely monitors 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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