The US Non-farm Payrolls (NFP) data will be released tonight, and the results will have a significant impact on the Fed's interest rate decision in September.

On August 1, the July employment report, which will be released at 8:30 PM Beijing time on Friday, is expected to show an increase of 110,000 jobs, a significant decline from 147,000 in June; the unemployment rate is expected to rise slightly from 4.1% to 4.2%; the average hourly wage growth rate is expected to rise by 0.3%, higher than June's 0.2%. If the predictions are accurate, this will strengthen the view of a slowdown in the labor market, although it may not necessarily require a response from the Fed. Earlier this week, Powell did not provide guidance on the September interest rate decision during the monetary policy meeting and pointed out that there are many data to be released before then, with Friday's July non-farm report being a piece of the puzzle that could influence the Fed's expectations for a rate cut in September. Analysts indicate that if the non-farm employment data is below 100,000 and the unemployment rate rises, it may suggest a weakening labor market, dampening the Fed's renewed hawkish expectations and putting pressure on the dollar, which would be favorable for a Rebound in gold prices. However, if the non-farm employment data unexpectedly exceeds 150,000, the dollar's strength may continue, as strong U.S. employment data could rule out the possibility of two rate cuts from the Fed this year. (Jin10)