Highlights of the week

• US payrolls and wages will drive USD and Fed expectations.
• ISM surveys will test growth against persistent price pressure.
• JOLTS and ADP will frame Friday’s employment risk.

What Now

The week will test whether strong US activity is giving way to a softer labor cycle. PMIs remain in expansion, but elevated price components mean strong July readings could support Treasury yields and the dollar while pressuring gold and rate-sensitive equities.

The greater risk comes from employment data after payroll growth slowed to 57K in June, despite unemployment holding at 4.2 percent and wages rising 0.3 percent.

Strong JOLTS, ADP and payrolls would preserve USD support, while weaker hiring or softer wages would strengthen Fed-easing expectations and favor bonds, gold and higher-beta currencies.

Market Events and Announcements (GMT+3)

Monday, August 3, 2026

• 16:45 – United States (USD) – S&P Global Manufacturing PMI Final for July, previous 53.8
• 17:00 – United States (USD) – ISM Manufacturing PMI for July, previous 53.3
• 17:00 – United States (USD) – ISM Manufacturing Prices for July, previous 73.0

Tuesday, August 4, 2026

• 17:00 – United States (USD) – JOLTS Job Openings for June, previous 7.594M

Wednesday, August 5, 2026

• 15:15 – United States (USD) – ADP Nonfarm Employment Change for July, previous 98K
• 16:45 – United States (USD) – S&P Global Services PMI Final for July, previous 53.6
• 17:00 – United States (USD) – ISM Non-Manufacturing Prices for July, previous 67.7
• 17:00 – United States (USD) – ISM Non-Manufacturing PMI for July, previous 54.0

Thursday, August 6, 2026

• 15:30 – United States (USD) – Initial Jobless Claims

Friday, August 7, 2026

• 15:30 – United States (USD) – Average Hourly Earnings MoM for July, previous 0.30 percent
• 15:30 – United States (USD) – Nonfarm Payrolls for July, previous 57K
• 15:30 – United States (USD) – Unemployment Rate for July, previous 4.20 percent