Bitcoin price tests support at $26,000 with August’s US NFP data exceeding market expectations

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The Nonfarm Payrolls data is closely scrutinized by the US Federal Reserve to assess the impact of its monetary policy. The US Central Bank is focused

A heated job market is likely to factor in, when the Federal Reserve assesses the impact of its monetary policy. To promote effectively the goals of maximum employment and stable prices, there is a likelihood of an interest rate hike in September.

A relatively high NFP figure means more people are in employment, earning more money and therefore probably spending more. A relatively low Nonfarm Payrolls’ result, on the either hand, could mean people are struggling to find work. NFPs influence the US Dollar by virtue of their impact on inflation, monetary policy expectations and interest rates. A higher NFP usually means the Federal Reserve will be more tight in its monetary policy, supporting the USD.Nonfarm Payrolls are generally negatively-correlated with the price of Gold. This means a higher-than-expected payrolls’ figure will have a depressing effect on the Gold price and vice versa.

Also, higher interest rates also lessen the attractiveness of Gold as an investment compared to staying in cash, where the money will at least earn interest.Nonfarm Payrolls is only one component within a bigger jobs report and it can be overshadowed by the other components.

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