Daily digest market movers: Gold price plunges on hopes of truce in Middle East
- The US Dollar Index (DXY), which tracks the buck’s value against a basket of six currencies, is at 102.52, virtually unchanged but at levels last seen in August 2024.
- Following the last US jobs report, recession fears faded. Therefore, most Wall Street banks like Citi, JP Morgan and Bank of America revised its November Fed call from a 50 to 25 bps rate cut.
- According to CME FedWatch Tool data, the odds for a 25 bps Fed rate cut are 85.3%. Meanwhile, the chances of lowering rates by 50 bps are 0%, but they increased to 14.7% for a hold.
- Meanwhile, the People’s Bank of China (PBoC) halted its Bullion purchases for the fifth month. China’s reserves were unchanged as their holdings stood at 72.8 million troy ounces at the end of last month.
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