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Watching jobless claims after that $XAGUSD move
It's interesting to see $XAGUSD pop over 58.4 this morning after that jobless claims data. Usually, I'd expect some risk-off with higher claims, but the precious metals seem to be seeing a bit of a bid. Makes me wonder if the market is starting to price in a more dovish Fed sooner than later, which could obviously be a tailwind for $BTC if real yields continue to ease. Definitely keeping an eye on the bond market reaction and any subsequent BTC strength.
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That's a good point about the potential Fed dovishness. I'm still trying to connect the dots though – how does a move in XAGUSD directly translate to a tailwind for BTC, beyond just the general 'real yields easing' idea? Is there a stronger correlation you've noticed between them?