Daily digest market movers: Gold price advances on a soft US Dollar
- Headline PCE is expected to hit 0% in May, lower than April’s 0.3%, and in the twelve months to May, to edge lower from 2.7% to 2.6%.
- Core PCE is foreseen at 0.1% MoM, down from 0.2%, and on an annual basis, is estimated to dip from 2.8% to 2.6%.
- Last week’s US economic data was mixed. On the growth side, the economy remains robust via strong S&P Global Flash PMIs and a slowdown in Retail Sales. Nevertheless, it shows some weakness on the labor market side.
- Fed officials advised patience regarding interest rate cuts, emphasizing that their decisions would remain data dependent. Despite last week's positive CPI report, policymakers reiterated the need to see more data like May's before considering any changes.
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