US Dollar Falls Amid Base Metal Gains, Services PMI Rises

The US dollar fell by 0.14% to 99.42 on September 3, according to CME FedWatch. The probability of a 25bp hike remains high at 62.3%, with a 37.7% chance that rates will be kept unchanged in September. Meanwhile, base metals rose broadly, with SHFE copper gaining 0.48% and SHFE nickel rising 2.01%. Ferrous metals mostly fell, however, with coking coal dropping 3.41% and coke falling 3.84%. In precious metals, COMEX gold rose 1.41%, while platinum futures gained 2.54%

On the macro front, China's services PMI rose to 51.4 in August, up from July's reading of 50.4. The growth momentum edged up, with demand-side growth improving and employment continuing to expand. Wan Gang, Honorary Chairman of the China Association for Science and Technology, recommended accelerating R&D and industrialization of all-solid-state battery technology at a conference on September 3.