Fed expectations drive dollar higher as gold and silver come under pressure

According to Jin10, this week’s market tone was shaped by changing expectations for Federal Reserve policy. After Fed Chair Warsh spoke on Friday, the dollar rose sharply in the short term and finished the week at 99.69, gaining 0.85%. Treasury yields and a firmer dollar put pressure on precious metals. Gold fell 3.24% for the week, while spot silver dropped 3.82%. The next week brings a heavy data calendar, all in Beijing time. On Monday, the G20 finance ministers and central bank governors meeting is set to run through Sept. 1, with the exact timing listed as pending. On Tuesday at 17:00, the eurozone will release August CPI and July unemployment data. At 22:00 the same day, the U.S. will publish August ISM manufacturing PMI, July JOLTs job openings and July construction spending. Also on Tuesday, the 2026 Shanghai Cooperation Organization Heads of State Council meeting is scheduled, with timing still pending. Wednesday at 20:15 brings U.S. August ADP employment data, followed by July factory orders at 22:00. On Thursday at 02:00, the Federal Reserve will release its Beige Book. Eurozone August final services PMI is due at 16:00, followed by July PPI at 17:00. At 20:30, the U.S. will release weekly initial jobless claims for the week ended Aug. 29, and Fed Governor Waller will take part in an interview. Friday at 03:00, 2026 FOMC voter Hammack will deliver opening remarks at a Fed community event. At 20:30, the U.S. August unemployment rate, seasonally adjusted nonfarm payrolls and the average hourly earnings figures, both year-on-year and month-on-month, are due. The main data point next week is Friday’s U.S. August jobs report. It is the last employment release before the Sept. 16 policy meeting, and it will serve as a key test of the policy path after Warsh’s hawkish comments. Earlier, Nvidia’s strong earnings and its roughly 70% next fiscal-year revenue growth outlook helped reignite AI trading interest. Dell (DELL.O) is scheduled to report second-quarter earnings after the close on Tuesday, Sept. 1, with the market expecting adjusted earnings per share of $4.91, more than double the year-ago level. Broadcom (AVGO.O) will report fiscal Q3 2026 results after the close on Wednesday, Sept. 2.