Market Minutes

Yen at 8-month high, gold at all-time high

Safe havens shoot higher ahead of the Feds key decision this week.

The dollar weakened significantly after market participants raised the probability of a 50bps rate cut by the Fed next week.

US NFP repot slightly lower than expected; unemployment rate drops to 4.2%

US manufacturing activity fell short of expectations, Brent crude prices hit a low since December 2023 due to demand concerns

Trading was subdued due to low volatility from the Labor Day holiday, with investors cautious ahead of key economic data later this week.

Bloomberg forecasts 155,000 new jobs in August, with unemployment expected to dip from 4.3% to 4.2%.

US economic growth for Q2 2024 has been revised up to an annualized 3% from 2.8%, highlighting the economy’s resilience despite high interest rates.

The yen gained strength as BoJ Deputy Governor Ryozo Himino indicated potential rate hikes if economic confidence continues to grow.

ECB’s Klaas Knot urges tighter fiscal policies to aid inflation control, while German consumer sentiment hits a four-month low

Investors pulled out of growth stocks overnight, continuing with a rotation into cyclical stocks such as financials ahead of PCE data this Friday.

News