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Highlight This Week: US Dollars, OPEC and Nonfarm Payroll

On Wall Street, the Dow Jones, S&P 500 and tech-heavy Nasdaq Composite rose 3.44%, 2.74% and 2.35% respectively. Things were also looking rosy in Europe and the Asia Pacific region, where the DAX 30 and CSI 300 climbed 1.04% and 2.69% respectively.

Fed Chair Jerome Powell helped cool policy tapering woes, sending the US Dollar back lower after a healthy performance earlier in the month.  WTI crude oil and gold prices gained 3.27% and 0.94% respectively.

A key focus this week will likely be on the non-farm payrolls report.

The nation is expected to add almost 700k jobs. Average hourly earnings are also expected to increase 3.6% y/y in June from 2.0% prior. A strong outcome in the latter could further bring forward Fed tapering bets.

Crude oil prices will be eyeing an OPEC+ ministerial meeting, where officials will be discussing output production.

The commodity is sitting around the highest price since October 2018 amid surging demand as the global economy gradually opens up and recovers.

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