U.S. August Nonfarm Payrolls Data: August nonfarm payroll growth came in below market expectations, the unemployment rate edged higher, and wage growth slowed. Market pricing further reinforced expectations that the Federal Reserve could begin cutting interest rates in November. The U.S. Dollar Index weakened in the short term, U.S. Treasury yields declined, while precious metals and risk assets gained support.

ECB Signals Easing: Eurozone inflation continued to ease, while ECB officials publicly stated that if the economy continues to cool, there could be room for a second rate cut this year. Markets expect the ECB may cut its policy rate again at its October meeting, keeping the euro under pressure and range-bound.

Bank of Japan Maintains a Wait-and-See Policy: Japanese inflation eased moderately, while Bank of Japan officials indicated that further rate hikes would be paused in the short term. The yen remained weak and range-bound, while markets continued to assess the timing of the next step in exiting negative interest rates.

Several G20 finance-related preparatory meetings are being held to discuss global debt governance, responses to exchange-rate volatility, and climate financing, laying the groundwork for the upcoming formal summit.

International Crude Oil Prices Consolidate: OPEC+ continues to maintain its production cuts, while markets weigh geopolitical risks in the Middle East against weaker global demand. WTI and Brent crude remain volatile at elevated levels.

Gold Rises on Rate-Cut Expectations: Expectations of Federal Reserve rate cuts have pushed spot gold higher, with safe-haven buying and falling real yields providing additional support.

Last Week’s Market Performance Review:

U.S. stocks closed mostly lower on Friday after stronger-than-expected labour market data gave the Federal Reserve more room to raise interest rates. The S&P 500 fell 0.4%, the Dow Jones dropped 272 points, while the Nasdaq rose 0.2%. For the week, the Dow declined 0.3%, while the S&P 500 gained 0.1% and the Nasdaq rose 0.4%. U.S. stock markets will be closed on Monday for the Labor Day holiday.

Gold came under heavy selling pressure early Friday following unexpectedly strong U.S. August employment data, but recovered above a key support level before the North American close. Gold fell more than $100 within the first 30 minutes following the strong data release. By the North American close, ahead of the U.S. Labor Day long weekend, spot gold settled at $4,430 per ounce, down 0.96% for the day and 0.56% for the week.

Silver fell 3% on Friday to $66.200 per ounce and ended the week lower as a stronger U.S. dollar and better-than-expected U.S. employment data reinforced expectations of tighter monetary policy. Money markets currently price the probability of a Federal Reserve rate hike in September at close to 60%. A stronger dollar and rising interest-rate expectations weighed on silver, which is particularly sensitive to changes in interest rates and currency dynamics.

A difficult week left the U.S. dollar struggling through volatile markets, falling from a three-week high to a multi-day low within hours and ultimately shifting the balance clearly to the downside. The U.S. Dollar Index closed sharply lower last week, coming under renewed selling pressure shortly after testing the psychological 100.00 level earlier in the week, before attempting to stabilise near 99.00 on Friday. U.S. markets will be inactive on Monday due to the Labor Day holiday.

EUR/USD traded in a narrow range near 1.1600 heading into the weekend. The pair lacked a clear direction as investors continued to digest stronger-than-expected August nonfarm payroll data and a modest rebound in the U.S. dollar. EUR/USD maintained an upward bias last week, recovering part of its previous pullback, although it remained well below the 1.1700 level. The best-performing currency of the week was the Japanese yen. Indeed, amid market speculation that the Bank of Japan could tighten policy further, USD/JPY fell sharply towards the seven-month low around 155.00.

GBP/USD successfully reversed its post-nonfarm payroll decline towards the 1.3480 area on Friday, moving back above 1.3500 and extending higher. As a result, GBP/USD recorded a second consecutive weekly decline and extended its pullback from the recent six-month high near 1.3680. GBP/USD ended the week around the middle of its range, hovering near the mid-1.3500 area and extending its previous correction. AUD/USD regained upward momentum and moved back above the key 0.7200 resistance level. Notably, the Australian dollar has posted weekly gains in eight of the past ten weeks and has risen by more than three cents since late June.

U.S. benchmark crude oil prices closed higher at $89.30 per barrel last Friday and also recorded a significant weekly gain. U.S. crude rose more than 7.0% for the week, marking its second consecutive weekly advance. From an investment strategy perspective, the market is pricing in the “most optimistic scenario” (reopening of the Strait + Federal Reserve rate hikes + increased Venezuelan production), but if any of these expectations fail to materialise, it could trigger a sharp correction. Renewed U.S.-Iran tensions and supply concerns caused by conflict in the Strait of Hormuz put the commodity on track for its strongest weekly gain since mid-July.

Bitcoin rose 4%, briefly climbing back above $80,000, giving investors a positive signal that the world’s largest cryptocurrency may be overcoming its historically weak September performance. Bitcoin strengthened significantly over the week as concerns about further Federal Reserve rate hikes eased and U.S. Treasury yields declined. However, the key question for the market is whether Bitcoin can continue to hold this level. Historical data shows that Bitcoin has posted negative returns in September in nine of the past 15 years, meaning the current rally still faces seasonal pressure.

The bond market was one of the assets that reacted most directly following the nonfarm payroll report. The 2-year U.S. Treasury yield, which is highly sensitive to near-term Federal Reserve policy, rose rapidly, reaching its highest level since January 2025. The 2-year yield climbed to around 4.38%, touching its highest level since January 2025, while the 10-year Treasury yield rose to around 4.78%, continuing to approach recent highs. The 30-year Treasury yield moved relatively little, remaining near 5.24%.

This Week’s Market Outlook:

This week (September 7–September 11), multiple domestic data releases, U.S. CPI, and Apple’s product launch event will be in focus.

Following the much stronger-than-expected U.S. August nonfarm payroll report, which temporarily eased recession concerns, the market’s focus has shifted entirely towards inflation data.

China’s inflation, social financing and credit data, the European Central Bank’s interest-rate decision, Apple’s autumn product launch event, and finally the U.S. August CPI will all take centre stage. Each data release could reshape central bank policy expectations and disrupt the pricing of equities, bonds, commodities and foreign exchange. Investors should remain alert to rising volatility and prepare for potential risks.

Risk Warning: Triple Risks From Sticky Inflation, Policy Shifts and Event-Driven Disruptions

During a week packed with major data releases and policy decisions, investors should pay particular attention to four major potential risk factors:

Unexpected CPI Movements Following Strong Nonfarm Payroll Expectations: U.S. employment data has already demonstrated sufficient economic resilience. If CPI shows significant persistence, pressure on the Federal Reserve to raise rates will quickly increase, U.S. Treasury yields are likely to rise again, and U.S. equities will face valuation correction pressure. Conversely, if inflation continues to cool, it would strengthen expectations that interest rates will remain unchanged.

Policy Signals Following an ECB Rate Hike: The market has already priced in a 25BP rate hike. The focus is not on the rate hike itself, but on the ECB’s subsequent guidance.

Conclusion:

If the ECB delivers a hawkish signal, the euro could strengthen rapidly, creating spillover effects across other non-U.S. currencies.

Expectation Gaps in Domestic Inflation and Credit Data: If CPI, PPI and social financing data come in significantly below or above market expectations, they could directly drive short-term moves in A-shares, Hong Kong stocks and domestic commodities.

Fed Says Surging Treasury Yields Reflect a Strong Economy, but Rate-Hike Probability Has Reached 62%: What Should the Dollar Believe?

New York Fed President Williams said on Wednesday (September 3) that the recent surge in U.S. Treasury yields reflects a strong economy driven by AI and data-centre investment rather than market dysfunction. His comments helped ease investor concerns about instability in the bond market. As a permanent voting member of the FOMC, Williams’ views carry particular weight.

He said rising yields are “more about the economy affecting financial conditions than financial conditions affecting the economy.” This distinction is crucial: a surge in yields caused by market dysfunction would require a more decisive policy response, while one driven by stronger growth expectations supports patience and a data-dependent approach.

Williams remained cautious about a September rate hike, saying inflation expectations remain well anchored despite price pressures caused by tariffs and the U.S.-Iran conflict. He noted that recent inflation data has been encouraging but warned against overinterpreting short-term data.

Williams: Surging Yields Reflect a Strong Economy, Not Market Dysfunction

New York Fed President Williams recently said that the significant rise in U.S. Treasury yields primarily reflects strong economic fundamentals driven by large-scale investment in artificial intelligence and data centres, rather than dysfunction or instability in the bond market.

As a permanent voting member of the Federal Open Market Committee (FOMC), his views carry particular weight in the market. Williams noted that the current rise in yields is “more about economic fundamentals affecting financial conditions than financial conditions feeding back into the economy.”

He further distinguished between two scenarios: if surging yields were caused by market dysfunction, a more decisive policy response would be required, potentially including direct intervention. However, if the move reflects expectations of stronger growth, it supports maintaining patience and a data-dependent policy stance.

Williams clearly placed the current situation in the latter category, suggesting that the Federal Reserve currently has no need to actively intervene to push bond yields lower. Instead, markets should focus more on whether the underlying economic momentum can be sustained.

Cautious on a September Rate Hike, With Anchored Inflation Expectations the Key

Williams maintained a clearly cautious stance on whether to raise rates in September.

He said, “There is currently no clear indication of whether monetary policy is sufficiently restrictive to bring inflation back to target over the next year or two, or whether further action will be needed.” He acknowledged that recent inflation data has generally been encouraging but stressed the need to avoid overinterpreting short-term fluctuations.

Williams specifically noted that inflation expectations remain well anchored, which is a key condition allowing the Federal Reserve to tolerate short-term price fluctuations without reacting aggressively. If signs emerge that inflation expectations are becoming unanchored, he would be prepared to take more decisive action.

CME data shows that the market-implied probability of a September rate hike has risen to around 62%. His comments suggest that the final rate decision will depend more on whether underlying inflation and growth data confirm the current movement in yields rather than simply on the level of yields themselves.

Although Williams’ “strong economy” narrative provided reassurance to markets, institutions remain divided over the U.S. dollar’s short-term direction. Rising rate-hike expectations are providing fresh support for the dollar, while medium-term structural concerns remain a potential headwind.

Conclusion:

Williams said that surging yields reflect a strong economy rather than market dysfunction. He remains cautious about a September rate hike, while inflation expectations remain well anchored. CME data shows that the probability of a September rate hike is around 62%. The U.S. dollar may remain relatively strong in the short term, but the tug-of-war between Treasury yields and rate-hike expectations continues. Williams’ comments have provided the market with a “strong economy” narrative, but rising rate-hike expectations mean the dollar could continue to strengthen until the data reaches a turning point. Attention should be paid to upcoming AI investment data and changes in inflation expectations.

High Interest Rates Cannot Stop Gold’s Structural Rally

Despite elevated real yields and gold’s retreat from recent highs following Warsh’s hawkish comments, the author still believes the medium-term risk-reward outlook remains attractive, supported by strong structural demand, cleaner speculative positioning, and persistent concerns surrounding inflation, sovereign debt and currency stability. Notably, gold’s structural investment case is becoming increasingly independent of short-term macro relationships such as interest rates and the U.S. dollar, with central bank and Chinese demand providing key support.

From Exit to Re-Entry: Three Factors Behind the Shift

In the latest multi-asset outlook, gold’s rating was upgraded to positive, highlighting a combination of three factors: strong structural demand, improving speculative positioning, and persistent concerns surrounding inflation, sovereign debt and currency stability. Elevated real yields, recovering institutional demand and cleaner positioning among fast-money investors have encouraged investors to re-enter gold trades. Despite gold’s recent gains, the author believes this position may offer an attractive medium-term risk-reward opportunity.

The bullish view on gold comes as prices regain momentum amid growing concerns over the unsustainable expansion of U.S. debt and renewed U.S. dollar depreciation trades. Meanwhile, gold has retreated sharply from recent highs after Federal Reserve Chair Kevin Warsh reiterated his focus on price stability and commitment to bringing inflation back to the central bank’s 2% target. Nevertheless, gold remains well above its July lows.

Why Enter Against the Headwinds?

The author’s bullish stance on gold comes despite maintaining a generally constructive view on the global economy and risk assets. At the same time, higher real yields have improved U.S. Treasury valuations. Traditionally, rising real yields increase the opportunity cost of holding gold because precious metals provide no yield. This suggests that other fundamental factors are now strong enough to offset this traditional headwind.

The recovery in institutional demand and cleaner speculative positioning have acted as catalysts for renewed interest in precious metals. Precious metals are “supported by strong structural demand from central banks and China, while concerns surrounding inflation, sovereign debt and currency stability persist.” In an environment of large fiscal deficits, risks to monetary-policy independence remain a concern, although there is continued confidence that central banks will maintain an appropriate policy path.

The author expects the resilience of the U.S. economy to keep the Federal Reserve in a tightening stance. Markets are currently pricing in only a limited amount of additional tightening, leaving room for further rate hikes if the constructive economic scenario unfolds.

Traditionally, this combination would create a difficult environment for gold: elevated real yields, the prospect of higher U.S. interest rates and a stronger dollar. Yet Schroders is still increasing its exposure to precious metals. This divergence suggests that gold’s structural investment case is becoming increasingly independent of traditional short-term macro relationships.

Central bank demand has been one of the most important pillars supporting gold in recent years as reserve managers diversify their holdings. Chinese demand represents another source of structural support. Meanwhile, concerns surrounding sovereign debt and currency stability continue to strengthen gold’s role as a monetary asset and portfolio diversification tool. If large fiscal deficits ultimately weaken investor confidence in government debt or monetary-policy independence, these risks could become increasingly important.

The author’s bullish outlook for gold also aligns with a broader positive view on commodities. Beyond gold, the outlook remains constructive on energy and industrial metals, with exposure to natural resources maintained through global mining companies and energy producers. Despite an optimistic view on global growth, accelerating inflation and a significant deterioration in economic activity are identified as two major risks to the outlook, both of which could ultimately strengthen gold’s diversification appeal.

Conclusion:

Gold’s structural investment case no longer depends solely on falling interest rates or declining real yields. Despite the triple headwinds of high real yields, a strong U.S. dollar and expectations of higher interest rates, central bank and Chinese demand, together with concerns over debt and currency stability, are creating a new structural foundation for gold that is increasingly independent of short-term macro fluctuations. For investors, the message may be that the reasons for holding gold have changed.

RMB Exchange Rate Shows Resilience With a Stronger Bias and Two-Way Fluctuations

At the beginning of September, the RMB exchange rate against the U.S. dollar declined slightly. Looking at the broader trend, however, the RMB has generally appreciated against the U.S. dollar this year. The RMB’s strength has not been driven by a single factor, but rather by a combination of a weaker U.S. dollar, relatively strong domestic export growth, increased corporate foreign-exchange settlement demand and improving exchange-rate expectations. Looking ahead, the market remains relatively positive on moderate RMB appreciation, with a “stronger bias and two-way fluctuations” likely to remain the main trend.

RMB Exchange Rate Remains Generally Stable

Since the beginning of the year, the RMB has generally maintained an appreciation trend against the U.S. dollar. As of September 1, the onshore RMB exchange rate against the U.S. dollar strengthened from 6.9890 at the end of last year to 6.7218, representing a cumulative gain of 3.82%. The offshore RMB exchange rate strengthened from 6.9755 at the end of last year to 6.7223, an increase of 2,532 basis points and a cumulative gain of 3.63%.

In addition, the RMB has remained strong against a basket of currencies. According to the latest data released by the China Foreign Exchange Trade System, the CFETS RMB Index stood at 101.87 on August 31, up 3.96% from the end of last year. The BIS RMB Currency Basket Index and SDR RMB Currency Basket Index stood at 109.15 and 96.67 respectively, up 4.28% and 4.27% from the end of last year.

The RMB has generally strengthened against a basket of currencies since the beginning of 2026, demonstrating greater exchange-rate resilience and reflecting improved market confidence in China’s economic fundamentals and the attractiveness of RMB-denominated assets, according to the 2026 First-Half RMB Exchange Rate Report released by the National Institution for Finance & Development.

Recently, the RMB central parity rate against the U.S. dollar has remained generally stable, while the pace of appreciation has slowed. “The cumulative appreciation of the central parity rate over the past three months has moderated, and policy may continue to focus on smoothing the pace of appreciation,” said Li Liuyang, Chief Foreign Exchange Analyst at CICC Research.

Combined Influence of Domestic and External Factors

A weaker U.S. dollar, increased foreign-exchange settlement and improved risk appetite are among the main drivers behind the current appreciation of the RMB against the U.S. dollar.

From an external perspective, concerns about the credibility of the U.S. dollar could limit the upside potential of the U.S. Dollar Index. Recently, long-term U.S. Treasury yields have continued to rise, while the U.S. Treasury has stepped in with bond buybacks to suppress long-term yields. Combined with joint U.S.-Japan intervention in the yen to protect the U.S. Treasury market, these developments point to market concerns over the credibility of the U.S. dollar. This could limit the rebound potential of the U.S. Dollar Index and create a favourable external environment for RMB appreciation.

Export resilience and corporate foreign-exchange settlement have jointly improved supply and demand conditions in the foreign-exchange market. This year, amid a significant increase in global artificial intelligence (AI) capital expenditure, both Chinese imports and exports have achieved double-digit growth, with external demand stronger than in previous periods. According to the 2026 First-Half RMB Exchange Rate Report released by the National Institution for Finance & Development, China’s current-account surplus remains relatively high, providing support for the RMB.

On the one hand, the external environment for the RMB remains relatively favourable, and appreciation expectations are likely to continue, encouraging companies to release more foreign-exchange settlement demand. On the other hand, exports remain resilient, and previously accumulated foreign-exchange income may continue to be converted gradually into settlement demand, keeping potential foreign-exchange settlement supply abundant in September.

The continued trade surplus provides additional foreign-exchange income, while stronger corporate willingness to settle foreign exchange brings both current income and previously retained foreign currency into the spot market. Together, these have become the main internal drivers supporting RMB strength.

Policy adjustments have effectively stabilised expectations and reduced volatility. Li Liuyang said policymakers may continue to stabilise foreign-exchange expectations by smoothing the pace of appreciation in the central parity rate, allowing the RMB to maintain a moderate appreciation trend.

Two-Way Fluctuations Expected to Continue

Looking ahead, multiple factors will influence the RMB exchange rate, and two-way fluctuations are expected to continue.

The RMB exchange rate is expected to maintain moderate appreciation supported by fundamentals, but two-way volatility is likely to increase significantly amid tighter external financial conditions and geopolitical disruptions. Domestically, resilient exports and the trade surplus will continue to provide fundamental support for the RMB, while improving corporate foreign-exchange settlement demand may also provide periodic support. Externally, rising expectations of Federal Reserve rate hikes and a widening China-U.S. interest-rate differential will remain the key external factors limiting the RMB’s appreciation potential.

Conclusion:

Given uncertainty surrounding the RMB exchange-rate outlook, companies need to prepare response strategies in advance to avoid greater foreign-exchange losses. For example, companies conducting exchange-rate risk management can establish a basic hedging strategy based on a baseline scenario and flexibly adjust the pace of hedging under different risk scenarios. At the same time, they should determine appropriate hedge ratios based on the certainty of foreign-exchange exposure, profit sensitivity and hedging costs.

U.S. Treasury Plans to Deploy Nearly $1 Trillion in Emergency Funds to Buy Long-Term Bonds: Will Warsh Undermine the Plan? Oil, Gold and FX Have Already Reacted!

Last week, the financial market’s key tensions were concentrated in three areas: U.S. Treasury yields remained at multi-year highs, gold regained technical momentum, and oil prices remained highly volatile without a clear direction. The U.S. Treasury attempted to directly intervene in long-term interest rates, but markets were more concerned that this could resemble “fiscal monetisation.” Federal Reserve Chair Warsh’s first annual symposium speech on Friday became a key event to watch.

Early last week, long-term U.S. Treasury yields declined slightly amid reports that the Treasury Department could use nearly $1 trillion from its cash account to support bond buybacks. Gold had already moved above its 200-day moving average before the news, supported by safe-haven demand and concerns over the credibility of the U.S. dollar. Crude oil retreated as details of sanctions remained unclear, although shipping volumes through the Strait of Hormuz remained well below normal levels. Bessent’s press conference and Friday’s Jackson Hole meeting were key short-term risks.

Treasury Buybacks Meet the TGA: The Signal Is Bigger Than the Amount

Treasury Secretary Bessent doubled the size of long-term “off-the-run” Treasury buybacks to at least $4 billion and suggested that more could follow. Markets initially expected the programme to be financed through increased short-term Treasury issuance, but overseas mainstream financial media cited officials saying that nearly $1 trillion in the Treasury General Account could potentially be used. If TGA cash is used, it would reduce long-term supply pressure without increasing net issuance. The amount is small relative to the total outstanding debt, but traders may price in the signal that “the Treasury is willing to manage the yield curve.” U.S. Treasuries could benefit in the short term. The risk is that if implementation falls short of expectations, long-term bonds could quickly reverse their gains.

Gold Moves Above the 200-Day Moving Average: What Happened in the Afternoon Is Not What Happened in the Evening

Gold moved above its 200-day moving average last week for the first time since June. The initial drivers were a weaker U.S. dollar and geopolitical safe-haven demand. Later reports that TGA funds could be used for bond buybacks merely reinforced the existing direction rather than triggering the move. Historical experience suggests that this technical signal can generate near-term momentum, although the 30- to 60-day window may remain volatile. The key driver for gold is still not the moving average itself, but expectations for long-term real yields and changes in confidence in the U.S. dollar. If Treasury intervention is viewed as “indirect easing,” gold could benefit.

Bessent and Warsh: The Combination the Treasury Market Fears Most

Bessent’s earlier bet on lower interest rates failed, while recent operations involving selling short-term bonds and buying long-term bonds, as well as currency swaps, have been viewed by markets as “tricks.” Major overseas institutions have noted that these measures resemble a mini version of quantitative easing, although the scale is extremely small and the Treasury cannot print money. More importantly, Federal Reserve Chair Warsh faces inflation that has remained above target for years, while some officials favour further rate hikes. If his comments turn hawkish, long-term yields could rise again, weakening the impact of Treasury buybacks. Traders are concerned that interference between fiscal and monetary authorities could instead increase the risk premium on U.S. Treasuries.

Crude Oil Risks: Hormuz and the Return of Inflation

Oil prices declined as details of sanctions remained unclear, but the International Energy Agency said it was not currently discussing a second release of strategic reserves. Actual shipping volumes through the Strait of Hormuz remain well below normal levels, while attacks on oil tankers in the Red Sea have highlighted continued supply vulnerabilities. If energy costs rise again, inflation could increase, limiting the Federal Reserve’s room to ease policy, weighing on Treasury prices and creating volatility in gold. Traders need to distinguish between two scenarios: if oil prices decline moderately, U.S. Treasuries and gold could benefit simultaneously. If oil prices surge sharply, inflation expectations could dominate, and gold’s safe-haven appeal could be offset by higher real yields.

The Dollar Caught Between Intervention and Rate-Hike Expectations

Bessent previously attempted to support the Japanese yen through currency swaps to prevent Japan from selling U.S. Treasuries, but the effect was short-lived. Reports of TGA-funded bond buybacks have further weakened confidence in the U.S. dollar. On the other hand, if Warsh signals further rate hikes, the dollar could gain support. The dollar’s short-term direction remains unclear, but volatility is rising. If the dollar continues to weaken, it would further strengthen gold’s role as an alternative asset.

Conclusion:

In the short term, Treasury buybacks and reports surrounding the TGA could continue to support bond prices and gold, but Bessent’s press conference will provide the first major test. If details fall short of expectations or markets interpret the measures as “unconventional intervention,” sentiment could reverse. U.S. Treasury volatility may remain elevated ahead of Friday’s Jackson Hole speech. Gold remains relatively resilient above its 200-day moving average, but investors should remain alert to the risk that higher oil prices could push long-term yields higher again and trigger a pullback. If fiscal intervention is viewed as credible, gold and U.S. Treasuries could strengthen together temporarily. If the Federal Reserve is forced to turn hawkish, rising Treasury yields could once again test gold. Overall, the market remains in a high-volatility environment, making sentiment management a priority.

Overview of Key Overseas Economic Events and Developments This Week:

Monday (September 07): Eurozone Q2 GDP Final (QoQ); UK August Halifax Seasonally Adjusted House Price Index (YoY); U.S. markets closed for Labor Day holiday

Tuesday (September 08): Japan Q2 Real GDP Revised (Annualised QoQ); Australia September Westpac-Melbourne Institute Consumer Sentiment Index; the 26th China International Fair for Investment and Trade will be held in Xiamen, Fujian, from September 8 to 11

Wednesday (September 09): Weekly API Crude Oil Inventory Change (10,000 barrels)

Thursday (September 10): Eurozone ECB Main Refinancing Rate; ECB President Lagarde holds monetary policy press conference; Weekly Seasonally Adjusted Initial Jobless Claims (thousand); U.S. August Producer Price Index (YoY); EIA releases its monthly Short-Term Energy Outlook

Friday (September 11): Japan August Domestic Corporate Goods Price Index (YoY); UK July Industrial Production (YoY); UK July Goods Trade Balance (£ million); U.S. August Unadjusted Consumer Price Index (YoY); U.S. September University of Michigan Consumer Sentiment Index Preliminary

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