Investors are turning their attention to a crucial week for the US markets, with high anticipation for the upcoming labor market data. The previous month's labor report fell short of expectations, prompting a sell-off in risk assets that began with the previous day's disappointing ISM Manufacturing PMI.
It indicated that 436,000 individuals were unable to work due to adverse weather conditions, marking a record high for the month of July. Moreover, 249,000 people were reported to be on temporary layoff during the same period. The Federal Reserve, which closely monitors the labor market, will use this forthcoming report to decide on the magnitude of the interest rate cut at their next meeting, with the options being either a 25 basis points or a 50-bps reduction.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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