XAU market awaits US CPI news
XAU Markets Await US CPI News
The DXY Index rose 0.3%, reducing the appeal of holding the precious metal.
The market is pricing in a 67% chance of a 25bps rate cut by the Fed and a 33% chance of a 50bps rate cut
Fed Chairman Jerome Powell last week backed the start of rate cuts next month, while expressing confidence that inflation could hit its 2% target.
A report on Tuesday showed that while US consumer confidence rose to a six-month high in August, Americans were also growing more concerned about the labor market.
The DXY Index rose 0.3%, reducing the appeal of holding the precious metal.
The market is pricing in a 67% chance of a 25bps rate cut by the Fed and a 33% chance of a 50bps rate cut
Fed Chairman Jerome Powell last week backed the start of rate cuts next month, while expressing confidence that inflation could hit its 2% target.
A report on Tuesday showed that while US consumer confidence rose to a six-month high in August, Americans were also growing more concerned about the labor market.
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