The data released by the United States last night showed that the unemployment rate in May was 4%, which was expected to be 3.9% and the previous value was 3.9%, exceeding expectations.
Non-farm employment in May was 272,000, which was expected to be 185,000 and the previous value was 165,000, far exceeding expectations
These two sets of data are good and bad. The unemployment rate of 4% supports the Fed to cut interest rates earlier, and the data of 272,000 non-farm employment supports the Fed to cut interest rates later. The data are left and right, contradictory. The non-farm data is a bit watery. The next data is likely to be revised down. After the data is released, the probability of the Fed's interest rate cut in September will be reduced from 70% to about 55%.
The data is relatively moderate and failed to provide a clear direction for the market. The next important data is the CPI next Wednesday. If it meets expectations, it will increase the probability of the Fed's interest rate cut in September. If it exceeds expectations. Then there is a high probability that there will be only one interest rate cut (December) this year. Wait for the data to be released. The data last night did not develop in the direction of interest rate cuts as expected. Bitcoin missed the opportunity to set a new high and continued to fluctuate. The ETF has been in a net inflow state for 19 consecutive days, and the capital inflow situation is still good. This is one of the reasons supporting the strong trend of Bitcoin. As long as there is no particularly big negative event in the future, it is difficult for Bitcoin to have a decent correction. In addition to $BTC , we also need to pay attention to Ethereum this month. More details about $ETH may be about to appear.
