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US Economic Data #BTCNextATH?
The result was below market expectations, which projected the creation of 170 thousand jobs.
The unemployment rate was 4%, while the number of unemployed closed the month at 6.8 million.
The participation rate of the Economically Active Population (EAP) rose from 62.5% to 62.6%. In addition, the average earnings per hour worked increased by 0.5%, above expectations and the previous figure, which was 0.3%.
“The January employment report confirms the main message of the last FOMC meeting: the American economy remains stable, with very low unemployment and inflation remaining above the target”, highlights Danilo Igliori, chief economist at Nomad.
IMPORTANCE OF DATA ‼️‼️‼️
US economic data directly impacts the cryptocurrency market, as it influences the Federal Reserve's (Fed) monetary policy.
The employment report showed that job creation was lower than expected, but wages grew above projections. This suggests that the US economy remains resilient, with inflation still persistent.
🚨 For the crypto market, this means that the Fed may keep interest rates high for longer to control inflation, which tends to reduce the appetite for risky assets, including cryptocurrencies. If the market interprets that the Fed will be more stringent, Bitcoin and other cryptos may face volatility and selling pressure.
✅ On the other hand, if investors believe that the economy is slowing enough for the Fed to cut interest rates soon, this could boost the crypto market, as lower interest rates favor alternative and riskier assets.
Got it???
Follow and like!
Click here #BTC $BTC
$ETH
The result was below market expectations, which projected the creation of 170 thousand jobs.
The unemployment rate was 4%, while the number of unemployed closed the month at 6.8 million.
The participation rate of the Economically Active Population (EAP) rose from 62.5% to 62.6%. In addition, the average earnings per hour worked increased by 0.5%, above expectations and the previous figure, which was 0.3%.
“The January employment report confirms the main message of the last FOMC meeting: the American economy remains stable, with very low unemployment and inflation remaining above the target”, highlights Danilo Igliori, chief economist at Nomad.
IMPORTANCE OF DATA ‼️‼️‼️
US economic data directly impacts the cryptocurrency market, as it influences the Federal Reserve's (Fed) monetary policy.
The employment report showed that job creation was lower than expected, but wages grew above projections. This suggests that the US economy remains resilient, with inflation still persistent.
🚨 For the crypto market, this means that the Fed may keep interest rates high for longer to control inflation, which tends to reduce the appetite for risky assets, including cryptocurrencies. If the market interprets that the Fed will be more stringent, Bitcoin and other cryptos may face volatility and selling pressure.
✅ On the other hand, if investors believe that the economy is slowing enough for the Fed to cut interest rates soon, this could boost the crypto market, as lower interest rates favor alternative and riskier assets.
Got it???
Follow and like!
Click here #BTC $BTC
$ETH
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
