QCP Capital: U.S. August non-farm payrolls report shows fewer new jobs than expected

QCP Capital released its latest report, the US August non-farm payrolls report showed that the number of new jobs was 142,000, lower than the expected 165,000, and the unemployment rate was 4.2%, in line with expectations. The market initially reacted positively to this, and risk assets rose. But as the market began to digest the expectation of a rate cut in September, the optimism reversed sharply. After the release of the non-farm payrolls data, the market expected a 55% probability of a 50 basis point rate cut. As of this morning, the market expected a 70% probability of a 25 basis point rate cut and a 30% probability of a 50 basis point rate cut. In addition, despite the sharp drop in cryptocurrency prices overnight, the options market was relatively calm. The trading platform even saw a large number of put options sold. Short-term volatility is declining as spot prices consolidate before the weekend.