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BREAKING: US Employment Data Surprises Markets - This cryptocurrency could outperform Bitcoin this year

Employment data

The main US employment data that was expected for days ago was now released and showed negative results and less than experts' expectations, as jobs added suddenly decreased, indicating a slowdown in the labor market. However, the rise in the wage rate indicates the strength of the economy. These results made the US Federal Reserve intend to retreat its tight monetary policy in the near future.

This news had a mixed effect on the markets, as prospects for gold improved thanks to the expected monetary easing approach, while the dollar index fell on concerns about future monetary policy.

In short, the employment data was mixed, which leads to unclear directions regarding the Fed's policy and its impact on gold and the dollar.

Employment data

The US economy added 187 thousand jobs, which is less than the experts' expectations of 200 thousand jobs, as the previous reading for July was also revised to record 185 thousand instead of 209 thousand.

Gold and the dollar now

On the other hand, the dollar index declined by 0.25% to 102.108 points, which reflects the weakness of the dollar relative to other currencies in light of the mixed economic reports.

These numbers show a divergence in the US labor market, which affects the performance of gold and the dollar in the financial markets.

The dollar is falling strongly, what is the reason?

The US dollar witnessed a sharp decline during its trading today, as it reversed its initial gains and incurred large losses, which led to the loss of most of its gains for this week. This decline came on the back of negative US labor market data.

At the same time, US Treasury yields witnessed a sharp decline during the same session, and this decline clearly deepened after the release of negative jobs data. This drop in benchmark bond yields significantly increased downward pressure on the US dollar.

In this way, the US dollar was negatively affected by negative economic reports that affected the labor market and government bond yields, which caused a significant decline in its value during today's trading session.

currencies now

During today's trading, the euro rose against the US dollar, reaching $1.1007, while the British pound rose against the US dollar, reaching $1.2785.

With regard to safe haven currencies, the dollar fell against the Japanese yen, reaching 141.77 yen, and it also fell against the Swiss franc, reaching 0.8714 francs.

** In terms of other currencies:

  • The Australian dollar rose against the US dollar, reaching $0.6586.

  • The New Zealand dollar rose against the US dollar, reaching $0.6112.

  • The US dollar settled against the Canadian dollar at the level of 1.3356 US dollars.

These numbers reflect the different movements against the US dollar during the trading session and explain changes in its exchange rates.

Reasons for gold's rise today

During today's trading, gold prices witnessed a significant increase after the release of US labor market data, which reinforces the demand for gold as a safe haven and confirms the expectations of not raising interest rates by the Federal Reserve in the upcoming meetings this year.

Gold prices have clearly benefited from the weakness of the US dollar index, which measures the performance of the dollar against 6 major foreign currencies, and due to the inverse relationship between gold and the dollar, gold prices rose with the decline of the dollar, which supported the rise of gold prices.

These developments reflect the continued interest in gold as a safe haven during periods of economic and political instability, and its impact on financial market trends at the present time.

currencies now

A significant rise of this currency against Bitcoin this year

Paolo Arduino, CTO of Tether and Bitfinex, has expressed his concerns about the USDT stablecoin price manipulation.

In addition, the new stablecoin (FDUSD) is now the 6th stablecoin in terms of trading volume, and the trading volume of the FDUSD stablecoin increased from around $620,000 at the beginning of August 2 to nearly $245 million later that same day.

Binance announces no-fee trading for these currencies

Binance, the world's largest cryptocurrency exchange, today announced the ability to trade Bitcoin and Ethereum without fees with the newly added stablecoin pairs.

Users can enjoy free trading in Bitcoin trading software using BTC/FDUSD In addition to this, users can also trade free of fees in ETH/FDUSD with standard taking fee based on user VIP level.

This move by Binance aims to encourage traders to trade Bitcoin and Ethereum with the new stablecoins without paying any fees, helping to boost trading activity and provide a better user experience.


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