🚨LAST🚨
💥GLOBAL COLLAPSE of the DOLLAR after a disastrous and recessionary LABOR DATA in the U.S.
📉The markets react and now another rate cut is expected in September and 2 for this year
What happened and why is it KEY for #Bitcoin and risk assets⁉️
👀The July labor report showed a MUCH WEAKER economy than expected:
▪️Only 73,000 jobs were created vs. 106,000 expected
▪️The unemployment rate rises to 4.2% while 4.1% was expected
⚠️BUT THE MOST SERIOUS: the previous data was STRONGLY REVISED DOWNWARD
👀Job revisions:
▪️May: They claimed that 144,000 jobs were created, but today after the revision they state that only 19,000 were created (-125,000 from the reports)
▪️June: They claimed that 147,000 jobs were created, but today after the revision they state that only 14,000 were created (-133,000 from the reports)
⚠️In total: 258,000 jobs “disappeared” from the official data
🔹Trump came out swinging to criticize Powell:
▪️"Jerome 'Too Late' Powell is a disaster. LOWER THE RATES!"
▪️Meanwhile, the market is already pricing in a stronger rate cut in the coming months
How did the markets react⁉️
▪️The dollar fell sharply against ALL major currencies (EUR, GBP, MXN, JPY, CHF)
▪️Gold rises more than 1.5%
▪️#Bitcoin rebounds slightly upwards and SP500 futures fall
📍Employment data is weak, the dollar is collapsing, and pressure on the FED is increasing.
📍Analysts can't believe how the statistics department was off by +100,000 jobs for TWO CONSECUTIVE MONTHS and are worried about a recession.