Market Minutes

Dollar slumps as markets raise odds of 50bps Fed rate cut

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

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.

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

Japan's consumer prices rose to 2.7% in July, but core inflation slowed to 1.9%, the lowest since 2022.

Jerome Powell’s highly anticipated Jackson Hole address will shape expectations on rate cuts and recession concerns.

U.S. labor market data released Thursday showed initial jobless claims declining more than expected last week, while retail sales surged in July

News