In a statement made last week, FED Chairman Jerome Powell hinted that the slowdown in the rate of increase in interest rates may begin in December. Following the speech, the dollar index fell, while the US stock markets, commodities and the cryptocurrency market rose. However, the positive mood was reversed on Friday with the release of the US nonfarm payrolls data. The nonfarm employment in November increased by 263 thousand, above the expectations of 200 thousand. In addition to this data that exceeded expectations, the continuous increase in hourly earnings and the announcement of the Non-Manufacturing PMI (Purchasing Managers’ Index) data above expectations have created selling pressure in the markets.
With the aftershocks easing after the fall of FTX, Bitcoin is once again moving in the same direction as the US stock markets that are shaped by macroeconomic data.
The fact that the economic data in the US has not cooled down despite the FED’s hawkish moves has strengthened the dollar index and created selling pressure in the markets. In addition, the fact that the import and export figures in China fell below expectations may have negatively affected the indices and cryptocurrency market.
