Short-term trend reverses as nonfarm payrolls spark the market



After the nonfarm payrolls data lands, the market’s hawkish expectations are set to see a major reversal

The U.S. added only 57,000 jobs in June nonfarm payrolls, far below market expectations.

The previously hawkish rate-hike expectations quickly cooled, with CME showing the probability that the Fed will keep rates unchanged in July rising to 82.4%.

$BTC surged from 58,000 to above 62,000, with intraday gains exceeding 6%. $ETH broke above 1,700, ending two weeks of consolidation in the crypto market and kicking off a broad-based rally.

US stocks tied to crypto concepts strengthened in sync, while gold also moved higher.

U.S. stock markets are closed for the Independence Day holiday. On July 6, when trading resumes after the holiday, the market will re-engage under an entirely new interest-rate outlook.
BTC1.80%
ETH3.59%
GLDX0.92%
PAXG1.13%
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