New Delhi, July 3 -- Just a week ago, traders were seeing a high chance that the US Federal Reserve would hike interest rates at least three times this year, with the first hike expected in September, as inflation remains sticky, above the US Fed's 2% target.

However, softer-than-expected US jobs data for the month of June has raised expectations that the central bank may not go for aggressive rate hikes this year. As per Reuters, the CME FedWatch tool shows traders now see a 54% chance of a rate hike in September, down from 66% before the jobs data.

Private payroll and nonfarm payroll data for September came significantly below expectations as macroeconomic headwinds hit business sentiment.

ADP's national employment report showed that...