Daily digest market movers: Gold price as data justifies Fed rate cut
- The US ADP Employment Change in July showed that private hiring rose by 122K, below the estimated 150K and missing the 155K created in June.
- The Employment Cost Index (ECI) decelerated from 1.2% to 0.9% QoQ, below the forecast of 1%.
- Pending Home Sales in the US increased by 4.8% MoM in June, exceeding estimates of 1.5% growth following May’s -1.9% decline.
- The CME FedWatch tool shows that the central bank will reduce interest rates by 25 basis points (bps) from their current levels in the September meeting.
- Traders are also eyeing the release of the July ISM Manufacturing Purchasing Managers’ Index (PMI) and Nonfarm Payrolls (NFP), which will be published on Thursday and Friday, respectively.
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