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The US non-farm payrolls data, eagerly awaited by the cryptocurrency market, has been released.
According to the released data, non-farm employment in the US reached 172,000. Market expectations were for the figure to be around 85,000. The previous figure was recorded as 115,000.
The unemployment rate in the US was announced as 4.3%. The expectation for the unemployment rate was 4.3%, and the previous data was also at 4.3%.
The data coming in significantly above expectations indicates that the US labor market remains stronger than anticipated. This could increase expectations that the Fed may be more cautious about interest rate cuts.
Strong employment data can generally put upward pressure on the dollar index and US bond yields, while increasing short-term volatility in Bitcoin and risky assets.
Prior to the data release, the market was expecting a weaker employment outlook. However, the 172,000 figure indicates that expectations of an economic slowdown are currently limited.
Bitcoin’s price initially fluctuated after the data release. At the time of writing, BTC is trading around $61,900.
Markets will now be watching expectations regarding the Fed’s interest rate path and movement in US bond yields following the data release.
Data summary:
US Non-Farm Payrolls: Reported: 172K Expected: 85K Previous: 115K
US Unemployment Rate: Announced: 4.3% Expected: 4.3% Previous: 4.3%