The U.S. labor market is once again proving stronger than forecasts. The number of job openings in the JOLTS labor market (October) is 7.744 million, compared to a forecast of 7.510 million and a previous figure of 7.372 million. At least there will be less talk in the market about recession risks. However, such data opens up the possibility for the U.S. Federal Reserve to slow down the pace of interest rate cuts.
Current expectations for the U.S. Federal Reserve meeting on December 18 from #CMEGroup:
- 26% - there will be a pause (on November 26 it was 36.9%).
- 74% - there will be a decrease of 0.25 percentage points (on November 26 it was 63.1%).
- 0 - there will be a decrease of 0.5 percentage points.
The expressed trend since November 26 has shown a decrease in the probability of a pause. Let's see how today's data will influence this.
The price of #BTC is not reacting to this data yet, "in its own wave" after the news from South Korea. The price was actively bought back after testing the significant level of $93,610 and the downward trend line since November 25. It turned around through the "Dragon" on the 5-minute timeframe. The price is already around $96,000. The important resistance pool at the significant level of $95,665 and the EMA 50 on the four-hour timeframe is still in effect.