Mixed Jobs Report, THORSwap Disables Trading

Oct 6, 2023
Market Update If you find value in our crypto research or have suggestions for improvement (or ideally both), we would greatly appreciate your input. Please take a moment to complete our brief survey. A big thank you to those who have already participated. Your feedback is invaluable to us.Risk assets are stabilizing after initially declining following the release of the nonfarm payrolls report, which showed 336k jobs were added in September, nearly double the expected 170k. This contradicted the weak ADP jobs data from Wednesday. Despite the strong headline number, average hourly earnings remained weaker than consensus while the unemployment rate stayed at 3.8%. Digging into the underlying numbers, the beat was primarily driven by additional part-time workers (+151k) compared to declining full-time workers (-22k). Multiple jobholders also increased +123k, painting a mixed picture of unemployment. Equities are taking solace that the Fed may have seen enough to pause, with the S&P now up 0.98% and the Nasdaq gaining 1.28%. US 10-year Treasury yields had risen to around 4.85% but have pulled back to 4.76%. The 30-year yield is 4.9% after spiking to 5.05% following the initial jobs release. $BTC had retraced to $27.2k, but is now up 2.0% pushing to $28k. $ETH is performing in line,

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