Daily digest market movers: Gold prices maintain gains as US data hints further easing
- US Initial Jobless Claims for the week ending September 28 rose from 219K to 225K, exceeding estimates of 220K.
- The ISM Services PMI for September expanded from 51.5 to 54.9, while Factory Orders for August contracted by -0.2%, missing the estimate of 0% and down from the previous month's 4.9% increase.
- On Friday, Nonfarm Payrolls are expected to show that the economy added 140K jobs in September, slightly less than the 142K jobs created in August, with the unemployment rate forecast to remain unchanged.
- Market participants have placed the odds of a 25 bps rate cut at 66.7%. According to the CME FedWatch Tool, the chances of a larger 50 bps cut have decreased to 33.3%.
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