Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
The U.S. dollar fell to its lowest level in nearly seven weeks on Tuesday, pressured by concerns that upcoming labor market revisions could expose deeper cracks in the economy. The dollar index slipped to 97.344 in Asia trade, the weakest since July 24, ahead of the release of preliminary benchmark revisions for jobs data covering April 2024 to March 2025. Economists expect as many as 800,000 jobs to be revised lower, potentially signaling that the Federal Reserve is lagging in its push for maximum employment.
“The employment numbers are getting worse at a heavy rate,” said Alex Hill, managing director at Electus Financial. “That’s translating into a weaker U.S. dollar slowly, but we expect that to accelerate.”
Adding to the pressure, reports suggest Trump administration advisors are preparing a critique of the Bureau of Labor Statistics after President Donald Trump dismissed BLS Commissioner Erika McEntarfer last month, accusing her of falsifying data. Investors warn political interference in monetary policy and rising fiscal risks are weighing on long-term U.S. bond sentiment.
Markets are now pricing an 89.4% probability of a 25 basis point rate cut at the Fed’s September meeting, with a 10.6% chance of a larger 50 basis point cut, according to CME FedWatch data. Gold remained near record highs at $3,636.58, while the euro rose 0.1% to $1.1774, supported despite political turmoil in France after parliament ousted the government.
Elsewhere, the yen strengthened to 147.22 per dollar following Prime Minister Shigeru Ishiba’s resignation, the Australian dollar traded at $0.6598, the New Zealand dollar at $0.5943, sterling at $1.3556, and China’s offshore yuan held steady at 7.1212. The European Central Bank is expected to keep rates unchanged at Thursday’s meeting.
