Selloff in equities stabilizes, with the S&P500 and Nasdaq closing the day with minor losses only. US and European stock futures turned positive in the overnight trading session, hinting at consolidation before the weekly closing bell. Yet, uncertainties persist as investors got unsettled with the latest FOMC minutes this week.

Important for the mood today will be the US jobs data. On Wednesday, the ADP report revealed a much better-than-expected number. Today, the NFP is expected to reveal that the US economy added 400’000 new nonfarm jobs. But the jobs data doesn’t matter much for the Fed policy expectations right now, what matters for the Fed is inflation.

Elsewhere, the unrest in Kazakhstan is shaking the energy, uranium, and Bitcoin markets.

Selloff in Bitcoin intensifies with the lack of risk appetite and the internet shutdown in Kazakhstan due to the mounting social unrest. Kazakhstan is one of the biggest power houses for Bitcoin miners, and the internet shutdown in Kazakhstan hits Bitcoin’s computational power. The coin is now ready to test the $40K psychological support, which may not bring in the dip buyers just yet, as the prospects of a tighter monetary policy will likely continue weighing on the mood. 

This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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