Macro Focus: US Non-Farm Payrolls, PCE Data, and Middle East Tensions

Macro markets are focused on the Federal Reserve's interest rate path, with traders pricing in a nearly 70% probability of a rate hike in October. Upcoming non-farm payroll and core PCE data are expected to test the resilience of the US economy and inflation trends. Meanwhile, geopolitical tensions have escalated as Donald Trump rejected Iran's ceasefire proposal. While parties involved in the Strait of Hormuz plan to resume negotiations, regional security remains uncertain amid ongoing policy signals from Fed officials and an expected rate hike by the Reserve Bank of Australia.