August Technical Report
Global General Manager, ABC Bullion
10 August 2021
The dominant (market) news for August was the Jackson Hole symposium, where Fed Chair Jerome Powell gave a dovish speech, followed by some weak ADP and NFP data. Given the focus by the Federal Reserve on the primacy of labour markets and the goal of full employment, the effect was initially US dollar weak and supportive of gold.
The emphasis in Powell’s speech on the labour market stresses the need to float all boats in the US labour market, and if economic data heats up, is likely to put the Chair at odds with an increasingly vocal array of figures whom have articulated a clear need to taper…
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