Housekeeping: Good Morning
Featured Analysis:
DB: Gold's Explosive Move Is Not Yet Done
Deutsche Bank says gold remains in an explosive phase, with the recent correction likely well advanced and prices soon approaching fundamental value. Its preferred model points to roughly $4,700 an ounce by year-end, supporting a fourth-quarter forecast of $4,600 and longer-term annual averages of $5,100 in 2027 and $5,442 in 2028.
In Other News:
Data on Deck: Unemployment
MONDAY, AUGUST 3
9:45a Final Manufacturing PMI (prev 53.8 → est 53.8)
10a ISM Manufacturing PMI (prev 53.3 → est 54.0)
10a ISM Manufacturing Prices (prev 73.0 → est 70.0)
10a Construction Spending m/m (prev 0.1% → est 0.2%)
10:15a Omdia Total Vehicle Sales (prev 16.5M → est 16.3M)
2:03p Loan Officer Survey
TUESDAY, AUGUST 4
10a JOLTS Job Openings (prev 7.59M → est 7.42M)
10a Factory Orders m/m (prev -1.3% → est 0.0%)
10:10a RCM/TIPP Economic Optimism (prev 45.5 → est 47.5)
WEDNESDAY, AUGUST 5
8:15a ADP Non-Farm Employment Change (prev 98K → est 71K)
9:45a Final Services PMI (prev 53.6 → est 53.6)
10a ISM Services PMI (prev 54.0 → est 54.5)
4:05p FOMC Member Cook Speaks
8:35p FOMC Member Daly Speaks
THURSDAY, AUGUST 6
5:30a Challenger Job Cuts y/y (prev -4.5%)
8:30a Unemployment Claims (prev 197K → est 205K)
8:30a Prelim Nonfarm Productivity q/q (prev 0.8% → est 0.7%)
8:30a Prelim Unit Labor Costs q/q (prev 2.3% → est 2.1%)
5:30p FOMC Member Musalem Speaks
FRIDAY, AUGUST 7
8:30a Average Hourly Earnings m/m (prev 0.3% → est 0.3%)
8:30a Non-Farm Employment Change (prev 57K → est 88K)
8:30a Unemployment Rate (prev 4.2% → est 4.2%)
10a FOMC Member Barkin Speaks
3p Consumer Credit m/m (prev -0.2B → est 12.1B)
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