The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Bitcoin is on track to achieve one of its biggest September gains in years, with a rise of over 10% this month. This defies the usual trend, as the cryptocurrency typically experiences an average 5.9% decline in September, according to data from Bloomberg. An index tracking smaller cryptocurrencies has surged by more than 20%, signaling a boost in the riskier segments of the market.
The rally comes as central banks, including the US Federal Reserve, the European Central Bank, and the People’s Bank of China, cut interest rates in September to stimulate economic growth. The accommodative monetary policies have prompted investors to buy up assets across the board, including stocks and gold, with Bitcoin benefiting from the increased liquidity.
"Bitcoin’s correlation with monetary policy continues to be strongest with respect to the Fed," said Sean McNulty, director of trading at Arbelos Markets.
On Friday, Bitcoin climbed as much as 1.2%, reaching US$65,334 as of 1:12 p.m. in Singapore. It has gained 56% so far in 2024, supported by inflows into US Bitcoin exchange-traded funds, but it remains below its record high of US$73,798 set in March.
While the US$65,000 level could act as a resistance due to the expiry of options contracts, a failure to break above this price "decisively" might indicate a weaker period ahead, according to Kraken. Beyond monetary policy, the crypto market is also eyeing the US presidential election for potential regulatory clarity that could further boost sentiment.
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