Fed economic symposium in Jackson Hole will be over after the weekend and the markets' attention will return to data. US jobs data for August is key macro release of the next week and is expected to have an impact on USD, gold and stocks. Apart from that, oil may also get a chance to move next week when representatives of OPEC+ members meet to discuss output on Wednesday.
With the Fed's Jackson Hole symposium behind us, market attention will shift back to the data from the US economy. Next week will see a release of the US jobs market data for August - an important piece in Fed's puzzle. As usual, NFP report will be released on Friday (1:30 pm BST) with ADP estimates being published on Wednesday (1:15 pm BST). While expected employment gain of 750k is lower than in the previous month, it is still a big addition. Solid reading can help US500 and other US indices remain at all-time highs and run even higher.
OPEC+ took action to bring back part of the withdrawn oil supply to the market in order to satisfy recovering demand for crude. However, oil producers may have to rethink whether it is a good approach. Delta coronavirus variant is raging around the world and oil demand is once again put at risk. Representatives of OPEC+ countries will meet next week (Wednesday) to make a decision on output. Meanwhile, oil prices ignored concerning virus news and continued to climb, with Brent jumping back above $70 mark.
Gold launched this week with a strong upward move. However, upbeat moods did not last and precious metal erased most of Monday's gains on Tuesday and Wednesday. The NFP report released on Friday, 1:30 pm BST will be a key print for gold next week due to its large impact on the US dollar. Strong reading could boost expectations for a more hawkish stance from the Fed going forward and, in turn, boost USD and hit gold. The $1,800 area remains key for gold traders.
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