Daily digest movers: Gold price shrugs off hawkish Fed speakers amid mixed data
- The ADP Employment Change for March exceeded expectations, reporting 184,000 jobs added, outperforming the anticipated 148,000 and February's 155,000.
- In service sector activity, S&P Global noted a decrease in the Services PMI to 51.7 from 52.3, with the Composite Index also dipping from 52.5 to 52.1. The ISM's Non-Manufacturing PMI fell to 51.4, below the expected 52.7 and the previous 52.6, indicating a slowdown in service sector expansion.
- Cleveland Fed President Loretta Mester expressed that current data does not support a rate cut by the May meeting, but she anticipates three rate cuts in 2024, highlighting the Fed's task of balancing inflation and employment risks.
- Similarly, San Francisco Fed President Mary Daly emphasized the need to evaluate the duration for maintaining current interest rates. While Daly supports the possibility of three rate cuts, she clarified that this outlook should be seen as a projection rather than a guarantee.
- In terms of the Federal Reserve's future interest rate movements, the CME FedWatch Tool indicates that traders currently assign a 58% likelihood to the prospect of the US central bank reducing borrowing costs.
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