Last night’s U.S. employment data, which showed stronger-than-expected job growth, reignited expectations of further rate hikes, pushing the dollar higher and causing gold and Bitcoin to decline. However, the employment figures carry meaningful nuance: while the unemployment rate remained flat, year-over-year wage growth fell to its lowest level since June 2021. This suggests that the upcoming CPI report next week may also show signs of cooling. Personally, I anticipate virtually no rate hike at the September FOMC meeting. Yet, on the other hand, the labor market remains resilient, meaning the Fed still lacks sufficient grounds to cut rates. When comparing BTC and XAU, gold’s rebound is clearly stronger—likely due to uncertainties surrounding the Middle East situation and the upcoming October midterm elections.