Live updates: Bitcoin trading near $87,000 after big miss on U.S. jobs

Live updates: Bitcoin rises, re-taking $86,000 ahead of key U.S. jobs data

liveUpdated 10 minutes ago

U.S. stock index futures were also gaining as oil fell more than 3% and yields continued to ease from recent highs.

By James Van Straten|Edited by Jamie Crawley

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A sharp drop in the German 10-year Bund yield, combined with continued gains in the French 10-year OAT yield, has widened the spread between the two to 152 basis points.

This spread is typically in the 50-80 basis points range.

During the European debt crisis of 2011, the spread blew out to roughly 190 basis points, so current conditions are approaching those levels.

The difference now: Inflation in 2011 was more or less non-existent, allowing the ECB to provide the necessary monetary ease to defuse the crisis. The ECB today, though, is dealing with growing inflation issues and has been in policy-tightening mode.



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Bitcoin is up almost 2% over the past 24 hours, trading above $86,000 as markets await the week’s biggest macroeconomic release, the U.S. jobs report. The unemployment rate is expected to hold steady at 4.1%, with nonfarm payrolls forecast to rise by 90,000.

Precious metals are also edging higher, with gold trading just below $4,200 an ounce and silver above $61. WTI crude oil has fallen 4% over the past 24 hours to below $90 a barrel, while the U.S. 10-year Treasury yield has eased slightly to 5.22%. While, tech futures are also up roughly 0.60%.

The U.S. Dollar Index (DXY) remains strong above 102.


 

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