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Wall Street's top banks unanimously expect the Fed to leave interest rates unchanged this month, a Reuters poll showed, with bank economists pointing to a weakening U.S. employment scene and Britain's pending vote on remaining in the European Union.
Gold futures held steady in European trade on Monday, after climbing to a two-week high overnight as investors all but ruled out a rate hike later this month following the release of dismal U.S. employment data.
The downbeat data likely pushed a June interest rate hike from the Federal Reserve off the table, with traders pricing in just a 4% chance for a rate hike this month, down from 21% ahead of the data, according to CME Group's (NASDAQ:CME) FedWatch tool.
Odds for a July rate hike dropped to 32% from 58% a day earlier, while September odds were at about 48%, compared to 66% on Thursday.
Market players will be turning their attention to a highly anticipated speech by Federal Reserve Chair Janet Yellen on Monday for further clues on the timing of the next U.S. rate hike. The Fed chief is due to speak about the U.S. economic outlook and monetary policy at the World Affairs Council of Philadelphia at 16:30GMT, or 12:30PM ET.
Reference: Investing, Reuters
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