Understand the impact of the Non-Farm Payroll report on Bitcoin's 6.35% single-day price increase and the factors that could fuel a potential September rally.
US Non-Farm Payroll report stands as the focal point for global financial markets, with significant implications for Fed's monetary policy easing decisions ahead. Throughout this year, the labor market has continually surprised economists by maintaining robust growth, contrary to predictions of a slowdown. This resilience has placed the Fed in a predicament, as policymakers remain reluctant to initiating interest rate cuts without more definitive signs that inflation is under control.
Dollar weakens broadly in Asian session, continuing its selloff from the previous night, as influenced by rebound in US stocks and falling treasury yields. The focus is now squarely on today's non-farm payroll report, a key indicator closely monitored by Fed policymakers. Preliminary data suggest possibility for an upside surprise in the jobs figures
US Non-Farm Payroll employment grew 175k in April, well below expectation of 243k. It's also way lower than the average gain of 242k in the prior 12 months.