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Non-Farm Payrolls Miss Expectations, BTCUSD Slips to 4-month Low & EU Inflation Hits a Record High

Non-farm payrolls sharply miss expectations

Markets were lower to end the week, as Non-farm payrolls once again came in lower than expected. Figures released by the Labor Department showed that payrolls in the United States increased by 190,000 in December, versus expectations of 400,000 jobs.

Gold prices fell to an intraday low of $1,782 on the report, which was the lowest XAUUSD has traded since mid-December.

Friday’s disappointing number was also lower than November’s payrolls figure, which was revised higher, showing an addition of 249,000 for that month.

As of writing, the S&P 500 was down 0.20%, the NASDAQ was trading 0.70% lower with the Dow bucking the trend with an increase of 0.24%.

Bitcoin prices slip to 4-month low

Prices of the world’s largest cryptocurrency continued to collapse on Friday, as markets fell for the sixth consecutive session.

BTCUSD hit an intraday low of $41,077, which is the lowest level prices have traded since September 22nd. The move comes as rising tensions in Kazakhstan led to an internet shutdown, which in turn affected the mining of the token.

💡 Food for though: Why does a reduced supply of Bitcoin through mining bring the price down?
Taken from A Cost of Production Model of Bitcoin: “Subjective factors will also confer value and be expressed in the market price. Speculators and miners who hoard all or part of their production are one example. Others may seek to own bitcoin for its decentralized nature and other unique features of anonymity, low transaction costs and security. Moreover, new innovations in using the blockchain technology, which bitcoin relies on, for non-bitcoin applications such as validation, verification and proof of ownership are sure to have value. These so-called Bitcoin 2.0 applications rely on the validation work of miners to secure non-bitcoin transactions and may prove to be more valuable than bitcoin in and of itself.”

Kazakhstan is currently the world’s second-largest nation for crypto mining, only behind the United States.

Following a shutdown of mining farms in China, many miners shifted their operations to the Central Asian country. As of writing, BTCUSD was down 3.60%.

DAX 30 falls, as EU inflation hits record high

Germany’s DAX 30 ended the week in the red, as figures from the eurozone showed that inflation had once again risen. Data released by Eurostat, reported that Inflation within the 19 member states using the Euro increased to 5% in December.

💡 What does this mean for the Eurozone?
One of the main causes of inflation this year has been an increased demand for products as the world economy recovers. However, summed to this fact a rise in energy cost and disruptions in global supply chain gas also

This was a rise from November’s figure, which came in at 4.9% and was 0.3% higher than market expectations for a 4.7% climb. One of 2021’s biggest contributors to inflation were energy prices, which were up 26% compared to the year prior.

EURUSD hit an intraday high of 1.1358 on the news, after opening the session at 1.1296.

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– Alexander Elder

Eliman Dambell

Senior Market Analyst


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