Mike Bell, global market strategist at JPMorgan Chase: The July non-agricultural employment report in the United States showed a strong recovery in the labor market, raising the possibility that the Fed will reduce asset purchases as soon as possible. U.S. Treasury yields are expected to rise for the rest of the year, and with the expiration of unemployment benefits, recruitment activities may increase in the coming months.

During the Asian session on Monday (August 9th), spot gold plummeted, dropping by more than 4% at one point, continuing the decline in gold prices last Friday (August 6th). The non-agricultural employment population increased by nearly one million in July, resulting in a large dollar. Rising, the stock market reached a new high, but the increasing number of people infected by the epidemic still brought some support to the troubled gold. The market is usually less liquid during Asian trading hours (the evidence is the yen in 2019 and the British pound in 2016), which makes this roller coaster trend of gold prices even more important. The Japanese market is closed for public holidays, making the lack of liquidity even more exaggerated. According to the 10-minute chart below the gold price, after the price of gold fell below the important level of $1,760 in the past few months, it stimulated gold's short-term strength, prompting the price of gold to plummet rapidly and hitting the bottom of the year-to-date double bottom pattern.

This week (the week of August 9-15), we will focus on the public speeches of a number of Fed officials, and pay attention to whether to release a signal to reduce debt purchases. In terms of economic data, we will focus on China’s inflation and social finance, and the US Consumer Price Index (CPI), British gross domestic product (GDP), etc. In the crude oil market, the Organization of the Petroleum Exporting Countries (OPEC) will publish a monthly report.

① On Monday, China July PPI, China July CPI, Switzerland’s July unemployment rate not adjusted seasonally, Germany’s June trade account not adjusted seasonally, Eurozone August Sentix Investor Confidence Index, FOMC Voting Committee 2021, Atlanta Fed President Bosti Ke delivered a speech. In 2021, the FOMC voting committee and Richmond Fed President Barr gave a speech.

② On Tuesday (August 10th) Germany and the Eurozone August ZEW economic prosperity, EIA oil price forecast, API inventory, 2021 FOMC voting committee, Richmond Fed President Barr gave a speech, Cleveland Fed President Meester said Speech on inflation risks.

③ On Wednesday (August 11) U.S. CPI, EIA inventory, Chicago Fed Chairman Evans and media members have an online dialogue on the economy. In 2021, the FOMC vote committee and Atlanta Fed Chairman Bostic will discuss how the Fed can make the economy more economic. Inclusive speaking.

④ On Thursday (August 12) UK GDP, US PPI, US initial jobless claims, OPEC released monthly crude oil market report, Kansas City Federal Reserve Chairman George gave a speech.

⑤ Friday (August 13th) the initial value of the consumer confidence index of the University of Michigan in the United States in August and the monthly rate of the import price index in the United States in July.

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