Bitcoin is back to where it was during early Asian hours, with the blowout US ADP report pushing Treasury yields higher and the crypto lower. $BTC godbole17 reports
) fell to $30,600 soon before press time, with part of the pullback from the 13-month high of $31,500 happening after a blowout U.S. ADP private employment report hit the wires at 12:15 UTC, according to CoinDesk data.
The ADP report surprised markets in a big way to the upside, showing 497,000 private-sector jobs added in June, more than double the consensus forecast for 220,000. The data overshadowed a report by the Labor Department that showed modest labor market weakness, with first-time filings for jobless claims rising 248,000 last week, ahead of the forecast for 245,000.
Treasury yields extended an early rise after the ADP report, with the two-year yield jumping about 15 basis points to 5.118%, the highest since 2006, according to charting platform TradingView. The 10-year yield added 11 basis points to 4.05%, its highest level since March. The two-year note is more sensitive to short-term interest rate expectations. Its rise to fresh multi-year highs suggests traders see the Fed extending its rate hike campaign. Indeed, fed funds futures traders now see a 94% chance of a 25 basis point rate hike this month, and markets are now factoring in a 75 chance of three additional rate hikes by the year's end.
Stock traders reacted negatively to this morning's ADP news as well, with futures tied to the S&P 500 trading 0.9% at press time and Nasdaq futures lower by 1.1%. Gold traded 0.5% lower for the day at $1,905 per ounce and the dollar index erased early losses and traded unchanged on the day at 103.24.
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