Ahead of the US elections, which the crypto world is eagerly awaiting, the latest economic data on the job market will be announced today at 15:30 GMT. Non-farm employment and unemployment figures for October in the US will be announced today.

The uncertainty between recession and inflation…

Last month, surprisingly, the employment participation rate, which was announced much higher than expected, was 254 thousand. The fact that the employment figures were high created fear in the markets, “Didn’t inflation fall?” However, the same markets also experienced fear of recession after the figures that were well below expectations in August.

Therefore, the figures that may come out exaggeratedly positive or negative will also closely affect the Fed’s interest rate decision on November 7. Fed Chairman Jerome Powell regularly emphasizes that they make decisions from meeting to meeting and make interest rate decisions according to short-term data.

The Fed’s 50 basis point cut in September also lowered expectations for November.

Oil prices increased

Oil prices, which are of great importance in terms of the course of headline inflation, also began to increase last night. News that Iran may launch an attack on Israel via Iraq; increased the price of oil per barrel, which fell below $70 last week, to over $75 overnight.

The fact that core inflation, which excludes energy and food prices, remains above 3% stands out as another factor that ties the Fed’s hands in terms of interest rate cuts.