Daily Market Report
➢ Gold prices climb to around $3,350 as traders seek safety amid US fiscal concerns and political
pressure on the Federal Reserve.
➢ Fed Chair Jerome Powell maintains a data-dependent approach at the ECB Forum, signaling that
rate decisions will be made “meeting by meeting.”
➢ Stronger-than-expected US data, including ISM Manufacturing PMI (49 vs expected 48.8) and
JOLTS job openings (7.769 million vs 7.3 million), limits US Dollar losses.
➢ President Trump criticizes Powell sharply on Truth Social and via a handwritten letter, fueling
concerns over Fed independence and future policy direction.
➢ Speculation of a September rate cut grows, as Powell resists immediate easing despite mounting
political pressure and market expectations.
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