Crypto Market Eyes US Job Data as JPMorgan Focuses on CPI for Fed Rate Hike Decision

The crypto market is cautiously approaching major economic data releases in the coming days, including US job data and inflation figures.

JPMorgan believes that while nonfarm payroll data will play a key role, the upcoming US CPI will further cement bets on the next move of the central bank.

According to market commentator Walter Bloomberg, JPMorgan sees monthly US job creation between 30,000 and 70,000 as the 'sweet spot' for the upcoming payrolls data. The bank's forecast has caught the crypto market attention, as investors are currently trying to navigate between a cooling labor market and persistent inflation risks.

If hiring comes in significantly stronger than that range, markets could interpret the data as a sign that the US economy remains resilient despite higher inflation. Higher employment could support consumer spending and potentially add to inflationary pressures, pushing Treasury yields higher.