US financial markets will be closed on Monday, 7 September, for Labour Day. Recent commentary referenced support for the yen to discourage Japanese selling of US Treasuries, alongside reports of the Netherlands moving about 86 metric tonnes of gold from the US and Canada to the UK and the Netherlands, with no net sales and UK-held bullion still dollar-denominated. Separately, France repatriated its remaining 129 tonnes between July 2025 and January 2026, leaving it with no gold at the New York Fed for the first time in almost a century; together, the two moves occurred within 13 months, against only a handful of such episodes since WWII and Bretton Woods.
Market Recap And Major Moves
In markets, Friday’s jobs report showed payrolls up 162,000 versus expectations of 56,000, the strongest since March and above the 12-month average of +31,000; July was revised from -23,000 to +21,000. Equities in the US, Europe and Asia ended the week unchanged to moderately lower. In commodities, crude oil rose 10.5% from Monday’s low to Thursday’s high in the October futures contract, while orange juice gained almost 16% low-to-high; corn, soybeans and wheat hit multi-year highs. Gold sold off into early Wednesday then rallied, with 4755 flagged as a key level. Bitcoin made a new weekly high but stayed below its 6 May peak, while Ethereum did not make a new weekly high. Dollar/yen tested support around 155.20.
Upcoming Events And Global Factors
Key dates ahead include 9 September Treasury buybacks, 15 September a Senate crypto vote, 16 September the Fed decision and 17–18 September the BOJ meeting. Grain price moves from last year’s lows were cited as +61% for wheat, +49% for corn and +38% for soybeans, alongside references to February 2026 Saturn–Neptune timing, 28 February US and Israeli strikes on Iran, a European drought risking the smallest continental corn harvest in nearly two decades, and a super El Niño threatening Brazil’s next soybean crop, with Ceres in Cancer until May 2027.
