Fed Minutes and G7 Oil Release to Test Market Expectations

The recent U.S. non-farm payroll data for September revealed a disappointing 29,000 new jobs added, falling short of market expectations at 90,000.

This weakness led to a significant decrease in market expectations for a Fed rate hike in October, with CME's 'FedWatch' data showing the probability of holding rates steady in October rose to 83.9%, while the probability of a rate hike in December stood at 66.1%.

The upcoming week will be pivotal as key economic indicators are released, including the Fed's September meeting minutes on Thursday, G7's strategic petroleum reserve release, long-term U.S. Treasury yields, and the U.S. ISM Non-Manufacturing PMI.