US jobs data just dropped and it's a mixed bag that matters for risk-on:
Unemployment fell to 4.2% (was 4.3%, beat expectations)
Nonfarm payrolls came in at 57K vs 114K expected (big miss)
Average hourly earnings held at 0.3% (in line)
What does this mean for $BTC and crypto?
Fewer new jobs created BUT unemployment actually dropped. Translation: labor market isn't cracking yet.
If inflation stays sticky and employment holds, the Fed has ZERO reason to cut rates. In fact, odds of a rate HIKE are creeping up.
That's bearish for risk assets. Liquidity isn't coming back anytime soon. Expect chop or downside if macro stays tight.
Watch CPI next. If it runs hot again, we're cooked.
Unemployment fell to 4.2% (was 4.3%, beat expectations)
Nonfarm payrolls came in at 57K vs 114K expected (big miss)
Average hourly earnings held at 0.3% (in line)
What does this mean for $BTC and crypto?
Fewer new jobs created BUT unemployment actually dropped. Translation: labor market isn't cracking yet.
If inflation stays sticky and employment holds, the Fed has ZERO reason to cut rates. In fact, odds of a rate HIKE are creeping up.
That's bearish for risk assets. Liquidity isn't coming back anytime soon. Expect chop or downside if macro stays tight.
Watch CPI next. If it runs hot again, we're cooked.