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Daily digest market movers: Gold price drops amid recession fears

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  • The Federal Reserve decided to hold rates unchanged but indicated that favorable data on inflation and further weakening in the labor market could prompt action.
  • US Initial Jobless Claims for the week ending July 27 jumped to 248K, above estimates of 236K and the prior week’s 235K.
  • The Institute for Supply Management (ISM) Manufacturing PMI for July fell deeper into contractionary territory from 48.5 to 46.8 and missed estimates for an expansion to 48.8, marking the lowest reading since December 2023.
  • 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

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