Affected by weak economic data, traders raised the probability of a 50 basis point rate cut by the Federal Reserve in September to 39%

ChainCatcher news, according to CoinDesk, the U.S. ISM August Manufacturing PMI report released today shows that the U.S. economy continues to contract. Based on the Federal Reserve's implied probabilities from the Chicago Mercantile Exchange (CME), affected by the weak data, traders have increased the likelihood of a 50 basis point rate cut by the Federal Reserve in September from 30% a day ago to 39%. However, the favored bet remains a 25 basis point cut at 61%.

The main event in U.S. macro news is still Friday's August employment report, which could also be the final deciding factor for the Federal Reserve's rate hike of either 25 or 50 basis points. Economists predict that job gains will rebound from 114,000 in July to 160,000. The unemployment rate is expected to decrease from 4.3% to 4.2%.