Markets remained calm this week with risk sentiment improving further.
Stock markets continued to trade higher taking S&P500 back to the recent highs reached in mid-July and cyclical metal prices increased as well. Bond yields drifted moderately lower in the US while EUR/USD continued higher to the highest level in a year. The next big market mover the market will be awaiting will come in two weeks with the US employment report on 6 September followed by the ECB meeting on 12 September.
BLS released a preliminary annual revision of the employment data and reported a revision of -818k jobs. The market did not react much, though, and a couple of Fed speakers stated it did not change their view of the labour market. Fed speakers as well as the FOMC minutes generally signalled more confidence with getting inflation back to 2%while some members have increasingly turned their attention to risks in the labour market.
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