US Economic Indicators Bring Bullish Sessions In Nasdaq And Bitcoin
On Thursday, the US job market was back in the spotlight. After last week’s jobs report, a sharp decline in jobless claims fueled bets for a 75 basis point rate hike.
In the week ending Dec. 2, initial jobless claims rose from 226,000 to 230,000, with claims continuing to rise from 1,609,000 to 1,671,000. The increase was modest enough to avoid renewed fears of a US recession while weak enough to support the Federal Reserve in December.
After Thursday’s numbers, the probability of a 75 basis point rate hike decreased from 21.8% to 20.6%. A month ago, the chance of a 75bp rate hike was 43.2%.
The NASDAQ Composite and S&P500 responded to the latest numbers, rising 1.13% and 0.75%, respectively.
Today, US economic indicators will continue to influence. US Wholesale Inflation and Consumer Confidence will attract attention and influence sentiment towards the December monetary policy decision.
An unexpected rise in wholesale inflation could raise bets for a 75 basis rate hike on Wednesday, sending the Nasdaq and cryptocurrency markets lower.
With the busy US economic calendar, we expect the crypto market to continue to follow the NASDAQ Composite, barring an important crypto event. This morning the NASDAQ mini index rose 7.5 points.