This month’s Non-Farm Payroll (NFP) release was mixed as the unemployment rate dropped but jobs added were far less than the forecast. Meanwhile, many popular cryptos are pulling back before the next leg up.
This morning was the NFP and the unemployment rate dropped from 5.1% to 4.8%. This is good for the economy, but the number of jobs added was only 194,000 versus the forecast of 490,000. This led to a mixed result for the Dollar and a neutral bias heading into next week.
Many popular crypto’s like Bitcoin, Ethereum, and Ripple are up for the week as the market begins to transition out of a bear market. In the last two days, however, the crypto market is pulling back providing traders a potential entry for the next leg up. Price action on the higher time frames suggests another rally higher.
The NFP report was supposed to provide clarity for the US Dollar as the price spent much of October trying to break 94.125. Traders may need to wait until Tuesday for the price to make its move as Monday is thanksgiving.
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- Read our previous blog article: Dollar Set to Reject 94.125 + Ethereum Longs to $4,000
