Bitcoin, which reached up to $70,000 at the beginning of the week, fell sharply in the following days and fell to $62,300 levels yesterday evening. The fact that the manufacturing industry purchasing managers index announced yesterday in the US came in much lower than expected is a clear sign that the economy is cooling, but this time it triggered fears of recession and hard landing.

As is well known, the Fed is waiting for the economy to ‘cool down’ significantly before interest rate cuts can be initiated.

Non-farm payrolls and unemployment rate figures to be released today

After yesterday’s statistics, two very important data will be announced today. Both unemployment and non-farm payrolls figures for July will be officially announced at 8:30 EST.

Unemployment, which fell to 3.4% last year, then gradually increased and finally became 4.1% in June. July expectations are likewise at 4.1%.

Non-farm payrolls expectation is around 176,000. A further decline in the employment figure, which was 218,000 in May and 206,000 in June, may be another sign that the economy is cooling.

As it will be remembered, Fed chairman Powell stated on Wednesday evening that they will continue to act depending on the data and that interest rate cuts could be on the table in September if the figures are good.