Daily Digest Market Movers: Gold price loses ground amid firmer US Dollar
- "We see evidence that speculative positioning in gold is effectively maxed out for the time being. I think the level to which gold is seeing pressure from the rise in the dollar reflects our view on positioning," said Daniel Ghali, commodity strategist at TD Securities.
- The US ISM Manufacturing PMI rose to 47.2 in August from an eight-month low in July at 46.8. This figure was below the market consensus of 47.5.
- Traders raised the chance of a more aggressive half-point reduction to 39%, up from 31% before the US ISM Manufacturing PMI report, according to the CME Group’s FedWatch measure.
- The US JOLTS Job Openings are expected to be 8.10 million, down from 8.184 million in June.
- The US ISM Services PMI is projected to ease to 51.4 in August from 51.1 in July.
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