According to JIN10 data reports, Rostro Chief Market Analyst Joshua Mahony stated that the market is waiting for the non-farm payroll data for August to be released on Friday to assess the state of the U.S. economy. The employment data for July was weaker than expected, which heightened expectations for a rate cut by the Federal Reserve in September.
He pointed out that if the job market continues to be weak, it could drive the market's expectations for further rate cuts by the Federal Reserve. Data shows that the market anticipates a 99% chance of a rate cut by the Federal Reserve in September.
Before the data is released on Friday, this week will also see the publication of the JOLTS July job openings data and the August ADP employment data.