U.S. added 303,000 jobs, surpassing expectations of 200,000 For March
This demonstrates the continued strength of the job market, marking the highest number of job additions since May 2023.
The unemployment rate also decreased to 3.8% in March, beating expectations of 3.9% and the previous month's rate of 3.9%.Following the release of the job report on Friday morning, the price of bitcoin dropped by approximately 0.5% to $66,000.
Meanwhile, U.S. stock index futures initially rose but later retreated slightly, though they still remained somewhat higher. Additionally, the 10-year U.S. Treasury yield increased by 6.5 basis points to 4.38%, and the dollar index rose by 0.5%.At the start of 2024, there were expectations in the market for as many as five or six rate cuts by the U.S.
Federal Reserve, potentially beginning as early as March. However, economic data has not aligned with these expectations. Inflation has actually risen somewhat in the first quarter of the year, and job growth has remained strong.Despite previous expectations, there were no rate cuts in March.
Traders, prior to today's numbers, had shifted their expectations for the first rate cut to June or July, according to the CME FedWatch Tool. It's now anticipated that there will be just three rate cuts for the entire year, and even that might be excessive.
Minneapolis Fed President Neel Kashkari recently suggested the possibility of no rate cuts at all in 2024. His comments led to a significant downturn in stocks, with major averages closing down more than 1%.
Following today's data release, swaps trading indicates that expectations for the first rate cut have been pushed out to September.Looking at other details in the report, the labor force participation rate increased to 62.7% from 62.5%, indicating a significant number of people returning to the workforce.
Additionally, average hourly earnings rose by 0.3% in March, consistent with expectations and up from 0.2% in February. On a year-over-year basis, average hourly earnings increased by 4.1%, slightly lower than February's 4.3% rise.
There is not much to say about $BTC 's continued maintenance of its symmetrical triangle structure; in fact, it appears that this horizontal movement will continue for some time.
Our magic level, in my opinion, will drop to the $69k - $71k range unless there are two 4-hour closures below $66397. Nothing is fundamentally flawed; rather, it keeps making constructive adjustments.
Closings below will result in, correspondingly, levels of $62600, $61100, and $59700. It makes the most sense to move in the direction of the breakout and adjust course accordingly.
Despite having a bullish overall outlook, I regard each withdrawal up to the $64300 level as a correction.
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Unlock the AEVO token Journey to Binance Launchpool AEVO's arrival on Binance Launchpool was not just a launch, but an opening. Here's a look at his journey:
AEVO Mystery Although details about the early stages are scarce, expectations began to rise with Binance announcing AEVO as Launchpool's 48th project.
This signaled AEVO's potential to become a major player in the DeFi (Decentralized Finance) space.
Reward Earning and Staking Support Launchpool provided a platform for users to earn AEVO tokens by staking their existing BNB (Binance Coin) or FDUSD (BUSD Stablecoin) holdings.
This not only helped distribute the new token but also increased its liquidity.
A Stepping Stone to Wider Adoption The successful Launchpool effort resulted in a much-anticipated listing on the Binance exchange on March 13, 2024. This wider availability opened the door for more users to trade AEVO, giving the project a chance to thrive.
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With the strong foundation established through Launchpool and its trading presence on Binance, AEVO's future looks promising. Supported by a talented team and investors, the project has the potential to gain a foothold in the ever-changing DeFi environment.
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