US UNEMPLOYMENT DATA GIVES MIXED SIGNALS: TRUMP EFFECT ON THE CRYPTO MARKET‼️
The economic data released in the US last night provided mixed signals. Weekly unemployment claims came in at 241,000, falling short of expectations (260,000). However, the previous week's data was revised from 258,000 to 260,000. Ongoing unemployment claims were announced as 1.867 million, slightly above expectations (1.865 million). While these data present a mixed picture in the employment market, it is interpreted that they do not significantly affect the general economic outlook.
US industrial production data released on the same day showed a 0.3% decrease in September, which was above expectations (0.2%). August industrial production data was also revised from 0.8% to 0.3%. Despite this decline, the service sector and some technology-focused production branches continue to recover. The industrial capacity utilization rate showed a slight decline compared to August at 77.5%.
The crypto market gained strong momentum especially with Donald Trump's increasing support rates before the US presidential elections. While the Bitcoin (BTC) price reached 70,000 levels, it continues to move close to resistance points. Currently, the 67,500-68,400 band is seen as critical for BTC, while support is observed at 2,600 levels for ETH.
Conclusion: Although the US data creates short-term fluctuations in the markets, it does not affect the general economic picture much. The crypto market continues to show volatility depending on political developments.
