Daily Market Report
➢ Gold climbs above $3,650 during the Asian session, extending its rebound from the $3,613 area
➢ Dovish Fed expectations and bets on aggressive rate cuts weaken the USD, supporting gold.
➢ US labor market softness (weak NFP, highest jobless claims since Oct 2021) outweighs hotter CPI
data.
➢ Markets fully price in 3 Fed rate cuts this year (Sept, Oct, Dec), with 100% odds of a 25bps cut
next week.
➢ US 10-year bond yields fall to 5-month low, dragging USD to lowest since July 24.
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