US dollar gains amid labour market data, Bitcoin eyes $100K

The US Dollar (USD) strengthened in volatile trading on Thursday as investors analysed labour market data and comments from Federal Reserve officials for clues about the future of interest rates. Meanwhile, Bitcoin continued its upward trajectory, approaching the highly anticipated $100,000 milestone.

Labour market insights
The latest labour market report revealed a drop in initial jobless claims by 6,000 to a seasonally adjusted 213,000, marking a seven-month low. This figure came in below economists’ expectations of 220,000, signalling a recovery in job growth following disruptions caused by hurricanes and labour strikes in recent weeks.

Despite the decline in new jobless claims, the data highlighted some signs of slack in the labour market. Unemployment rolls increased to their highest levels in three years, indicating it is taking longer for job seekers to secure employment. Analysts suggest this could provide the Federal Reserve with leeway to consider another rate cut in December.

Dollar Strengthens
The dollar index, which tracks the greenback’s performance against a basket of six major currencies, rose 0.1% to 106.73. The euro declined 0.28% to $1.0513, contributing to the dollar’s gains.

Bitcoin on the Brink of $100K
Meanwhile, Bitcoin continued its bullish momentum, edging closer to the $100,000 level. The cryptocurrency’s rally has drawn significant investor interest, with many viewing it as a hedge against inflation and a key player in the evolving financial landscape.

Market Outlook
Investors remain focused on upcoming Federal Reserve decisions and economic indicators to gauge the direction of monetary policy. At the same time, Bitcoin’s performance is being closely monitored as it pushes the boundaries of previous records.