U.S. job growth increased more than expected in May, a reading that could potentially prompt the Federal Reserve to delay cutting interest rates.
The dollar rebounded broadly in the early U.S. trading session following the stronger-than-expected employment data, while bitcoin made gains despite equity indices moving lower.The employment data coming out of the U.S. hit risk assets. Major European and UK equity indices were red. In London, the FTSE 100 posted a 37.45-point decrease to 8,254.60 in mid-day trading.
Bitcoin moved lower with depressed equity markets in Friday's trading. The world's largest digital asset by market cap increased by around 0.2% in the past day and was changing hands for $71,366 at 10:08 a.m. ET., according to The Block's Price Pages.The European Central Bank cut interest rates as expected on Thursday. The European monetary policymakers' move lowers the ECB’s key rate to 3.75%, down from a record high of 4%, where it has been since September 2023.