Bitcoin gained on Friday alongside major equity indices after a robust U.S. jobs report indicated the domestic economy is strong. However, the report also cast uncertainty over a forthcoming cut in interest rates.
Stocks rebounded during early U.S. trading hours on Friday as traders evaluated the March jobs report. This follows Thursday's close, which marked the worst session on Wall Street in several months. The figures, released by the U.S. Labor Department on Friday, were notably stronger than the 200,000 job gains economists had anticipated. Because of the robust employment data and resilient economic activity, the Fed may be able to maintain unchanged rates for a more extended period.
Low unemployment and strong job growth can lead to upward pressure on wages and prices, potentially contributing to inflation. In such a scenario, the Fed may be more inclined to consider keeping interest rates steady rather than cutting them to prevent the economy from overheating.The current macroeconomic dynamic could foster risk-off sentiment, potentially exerting downward pressure on risk assets, such as bitcoin.
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Source: Utoday_en - 🏆 295. / 63 Read more »