Friday’s US jobs report expectations come into question after a disappointing ADP payrolls release. The June US jobs report is due to be released at 1.30pm, on Friday 6 August (UK time). Coming at a time when central banks have been shifting towards a more hawkish stance, this fresh bout of unemployment data provides a key batch of data for the Federal Reserve (Fed) to mull over.
GOLD, US DOLLAR, XAU/USD, FED BETS, DEATH CROSS – TALKING POINTS:
Gold prices took hit after Fed’s Clarida fueled tightening bets.
Friday’s non-farm payrolls report likely vital to gold’s direction.
XAU/USD sees a possible Death Cross formation on the horizon.
AUSTRALIAN DOLLAR, DELTA VARIANT, CHINA, RBA - TALKING POINTS:
Cycle-sensitive Australian Dollar at risk as clouds of doubt brew over global recovery.
COVID-19 Delta variant may shake up markets as state-enforced lockdowns are imposed.
Rising Australia-China tension could compound medium-term bearish outlook for AUD.