According to Odaily, the US Department of Labor is set to announce the US unemployment rate for June 2024 on July 5th, 2024, at 20:30 Singapore time. The US Bureau of Labor Statistics will also release the seasonally adjusted non-farm employment population. Both sets of data are significant, but the unemployment rate is currently under particular scrutiny by the market.
This is due to repeated emphasis by the Federal Reserve Chairman, Powell, that a consideration for interest rate cuts would only occur if the unemployment rate is above 4% and inflation is below 2%. Therefore, the market widely anticipates that the US unemployment rate data will influence expectations for interest rate cuts, the US dollar index, and US Treasury yields. It is also highly likely to have a knock-on effect on the risk market and the cryptocurrency market.
The previous US unemployment rate for June was 4%, and the forecast is also 4%. If the announced value is greater than the expected value, it could potentially lead to a bearish US dollar, bullish non-US currencies, bearish Treasury yields, bullish expectations for interest rate cuts, bearish expectations for interest rate hikes, bullish risk markets, and bullish cryptocurrency markets.