As of 16:00 on December 4, the price of Bitcoin maintained a small range of 94,000-98,000: the market is waiting for today's small non-farm data and Friday's December non-farm employment data.
French lawmakers will vote on a no-confidence motion on Wednesday that will almost certainly topple Prime Minister Michel Barnier's fragile coalition government, deepening the political crisis in the euro zone's second-largest economy. Barring a last-ditch surprise, Barnier's government would be the first in more than 60 years to be forced out by a no-confidence vote.
Yoon Seok-yeol suddenly declared martial law on Tuesday night to crack down on "anti-state forces" among his opponents, but angry lawmakers rejected the decree in South Korea's biggest political crisis in decades.
However, just a few hours later, South Korean President Yoon Suk-yeol stated on Wednesday that he would lift the curfew order announced just hours earlier, after losing in a standoff with parliament, which rejected his attempts to ban political activities and censor the media.
The number of job openings in the U.S. increased slightly in October, while layoffs decreased, suggesting that the labor market continues to slow in an orderly manner. The U.S. Department of Labor's Job Openings and Labor Turnover Survey (JOLTS) showed that as of the last day of October, job openings increased to 7.744 million. Layoffs decreased by 169,000 to 1.633 million.
"The report shows continued resilience in the economy and does not indicate any significant economic risks," said Nationwide financial markets economist Oren Klachkin. "From the Fed's perspective, policy remains restrictive and may pause rate cuts next year after another potential cut."
TD Securities commodities strategist Daniel Ghali stated: "The JOLTS data confirms our expectations for a rebound in the labor market, which alleviated concerns about a significant slowdown in the labor market ahead of Friday's non-farm payroll report."
In a statement on Tuesday, officials from the Federal Reserve indicated that they still believe the inflation rate is moving back towards the 2% target and expressed support for further rate cuts in the future, although no one strongly advocated for or against a rate cut at the next meeting in two weeks. Ahead of the non-farm payroll report on Friday, investors' focus will shift to the ADP employment report and Fed Chair Powell's speech on Wednesday.
"We now must continue to recalibrate policy, whether in December or at some later date; we will have the opportunity to debate and discuss this issue at the next meeting," said San Francisco Fed President Daly on Fox Business Network. "I think we need to keep an open mind."
Chicago Fed President Goolsbee, speaking at Crain's "Power Lunch," similarly did not disclose his views on the possible outcomes of the meeting scheduled for December 17-18. Goolsbee stated: "Over the next year, I feel that rates will decline significantly from their current levels, but we meet every six weeks because situations can change."
The U.S. Bureau of Labor Statistics reported that as of the last day of October, job openings, which measure labor demand, increased by 372,000 to 7.744 million. September data was revised down to 7.372 million from an initial estimate of 7.443 million. Economists had previously expected 7.475 million job openings.
However, the number of job openings in the federal government decreased by 26,000. The job vacancy rate rose from 4.4% in September to 4.6%.
Reflecting declines in construction, manufacturing, finance and insurance, professional and business services, and leisure and hospitality, hiring fell by 269,000 to 5.313 million. The hiring rate decreased from 3.5% in September to 3.3%.
As the Fed continues to battle inflation, borrowing costs have risen, and businesses show little willingness to increase staffing. Nonetheless, employers did not engage in large-scale layoffs. Layoffs decreased by 169,000 to 1.633 million, the largest drop since April 2023. Layoffs in construction, manufacturing, and leisure and hospitality decreased. However, layoffs in retail increased by 60,000. The layoff rate fell from 1.1% in September to 1.0%.
An increasing number of workers are resigning, possibly in search of better jobs. Resignations increased by 228,000 to 3.326 million, the largest increase since May 2023. The resignation rate, seen as a good indicator of labor market confidence, rose from 1.9% in September to 2.1%. The increase in the resignation rate suggests that wage levels may remain high.
In summary: U.S. employment data is not very strong, which may dampen Bitcoin's recent performance. We will keep you updated on specific trends in real-time. See you at 9:15 PM!
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