This week is the biggest week of December after the Fed’s interest rate decision because a lot of data will be released. The employment report just came out and this was one of the topics that cryptocurrency investors focused on. We will continue to wait for developments that undermine risk appetite, but for now the employment report is out of the way.
US Data Breaking News
Cryptocurrencies are sensitive to important US data and Fed’s Today’s employment report, which came before the January interest rate decision, was also important for cryptocurrencies. Nonfarm payrolls, unemployment rate and average earnings were the day’s key data.
JPM was expecting -25K for nonfarm payrolls in October and 50K in November. Goldman was forecasting 10K for October and 55K for November. Bank of Amarica predicted -65K for October and 50K for November. Powell cited the weakness in the labor market as the main reason for the interest rate cuts in December. There will be no unemployment data for October, and November data was collected later than usual. This could lead to what Fed Chairman Jerome Powell calls “technical” problems, such as seasonality adjustment issues.
- US Unemployment Rate Announced: 4.6% (Expected: 4.5% Previous: 4.4%)
- Non-Farm Employment Announced: 64K (Expected: 50K Previous: 119K)
- Average Earnings Announced: 3.5% (Expected: 3.6% Previous: 3.8%)
The decline in average earnings is bad for employment, but nonfarm payrolls were slightly above expectations. The good news is that the unemployment rate has reached a new peak. This cryptocurrencies Good for.
