Nikkei Jumps 2.5% as Weak US Jobs Data Cools Rate-Hike Bets

Bitcoin

This event reinforces the 'bad news is good news' macro regime where weak economic data is bullish for risk assets due to anticipated monetary policy easing, but it also signals slowing global growth which could pressure oil-sensitive economies and eventually weigh on speculative assets.

Emerging-market stocks and currencies advanced after softer-than-expected US jobs data and a further decline in oil prices helped ease concerns over aggressive Federal Reserve interest-rate hikes.

Emerging Markets Rally as Soft US Jobs Data and Falling Oil Cool Fed Rate Fears

Soft US Jobs Data and Falling Oil Prices Could Paradoxically Boost Crypto Mining Profitability and Hashrate, as Energy Costs Drop and Fed Rate Cut Hopes Rise.

This event is a microcosm of the macro tug-of-war: softening labor market supports gold as a safe haven, but sticky inflation and a hawkish Fed keep real yields high, capping upside. Meanwhile, the crypto market's $2.92T cap and 70 Fear & Greed (Greed) suggest risk-on sentiment is stretched, making gold's next move a potential bellwether for broader risk appetite.

Gold

Gold prices edged higher after their biggest weekly drop since June, as traders weighed US jobs data and bond yields.