JUST IN: US Non-Farm Payrolls and Unemployment Data Released! Here is Bitcoin’s First Reaction

Non-Farm Employment and Unemployment Rate data, which are important data regarding economic activity in the USA, have been announced.

• US Nonfarm Payroll: 187k (Expected: 170k, Previous: 187k)
• US Unemployment Rate: 3.8% (Expected: 3.5%, Previous: 3.5%)

Bitcoin’s first reaction after the development:

FED Chairman Jerome Powell’s highly anticipated speech at the Jackson Hole Symposium on Friday was perceived as hawkish. Powell’s comments pointed to another rate hike this year, strengthening the ‘higher rates for longer’ narrative.

The US Dollar Index had a sharp rally following Powell’s hawkish statements and tested the 104.50 level.

After Powell’s speech, the probability that the FED would raise interest rates in November increased to approximately 57%. That probability has now fallen to 40% in the face of disappointing U.S. employment data, according to data from CME Group’s FedWatch Tool.

Stronger-than-expected employment and wage inflation data could confirm Fed Chairman Powell’s hawkish message about another rate hike.

*This is not investment advice.

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