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Rise and shine everyone.
Happy Jobs Friday!
Markets await the US November Nonfarm Payrolls report, expected to show a gain of 220K jobs, up from a prior 12K, with a wide analyst range of 155-275K. Revisions to previous data will also be closely watched. Fed futures currently price a 70% chance of a 25bps rate cut this month and a 40% probability of another cut by March 2025.
Bitcoin experienced a flash crash in early Asia trading, plunging to ~$91K within minutes after hitting a new high of $104K overnight. Prices later stabilized near the midpoint of the 24-hour range. The rapid movements highlight ongoing volatility in cryptocurrency markets.
The Bank of Japan remains a focus ahead of its December 19th rate decision. Labor cash earnings in Japan rose at the fastest pace since 1992, fueling speculation about a potential rate hike around March 2025. Reports suggest the BOJ aims to retain flexibility on the timing of any adjustments, leaving future meetings as “live.”
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