The probability of a Fed rate cut in September reaches 99%, with the market focusing on nonfarm payroll data.

According to ChainCatcher, citing Jinse Finance, Joshua Mahony, Chief Market Analyst at Rostro, stated that the market is waiting for the August non-farm payroll data to be released on Friday to assess the state of the US economy. The July employment data was weaker than expected, increasing expectations for a Federal Reserve rate cut in September. Data shows that the market expects a 99% probability of a Fed rate cut in September. Before Friday's data release, this week will also see the release of the July JOLTS job openings data and the August ADP employment data.