Global macro overview for 03/09/2015:
The data-dependent Fed has pegged the likelihood of interest rate cut to the US economy. The recent labor data from the US looks very well with the ADP unemployment figures staying strong (ADP at 190K). The market now awaits the NFP data release on Friday. If the news is better than expected, the market might start to price in the September or December interest rate hike by the Fed.
The yellow metal prices rode for the best part of August, almost hitting the 61% Fibo level of the recent decline. Moreover, the corrective move was shallow so far as the first support around 1.120 has held, so now it might be time for bulls to strike back.
