Daily digest market moves: Gold price skyrockets above $2,550

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  • University of Michigan Consumer Sentiment Index rose from 67.9 to 69.0, exceeding estimates of 68.
  • Inflation expectations improved from 2.8% to 2.7% for the one year, while long-term expectations increased from 3% to 3.1%.
  • Greenback remained under pressure after the US Bureau of Labor Statistics revealed mixed August PPI data. Meanwhile, the number of Americans filing for unemployment benefits rose as expected, surpassing the previous week's reading.
  • Data from the Chicago Board of Trade suggests the Fed will cut at least 98 basis points this year, down from 108 a day ago, according to the fed funds rate futures contract for December 2024.


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