and other job-market-related data later this week are set to be crucial to determine the Fed’s next steps. .
The US Dollar comes under pressure as Fed Chair Jerome Powell reiterated at the Jackson Hole Symposium that further policy action will depend on economic data. After the hawkish Powell commentary, investors shifted focus to the Automatic Data Processing Employment Change data for August, which will be published on Wednesday at 12:15 GMT.
For the ADP data release, the US private sector is expected to have added 195K jobs in August, significantly lower than July’s reading of 324K. US factory activity is expected to contract for a ninth consecutive month, according to estimates. The ISM Manufacturing PMI is seen at 47.0, slightly higher than July’s reading of 46.4. Still, a figure below the 50.0 threshold signals a contraction in activity. The New Orders Index, a widely followed leading indicator, is expected to drop to 46.3 from 47.3.
Raimondo and China’s Foreign Minister Wang Yi agreed to launch a platform on export control information.Gold price looks confident above $1,920.00 as value-buying kicked in on hopes that the interest-rate peak is near. The precious metal climbs above the 20- and 200-day Exponential Moving Average , which indicates a solid recovery attempt. In spite of this revival move, the yellow metal has to pass through some more filters for a sustained reversal.