Watch this weekMonday, September 5: China August Caixin Services PMI, Eurozone July retail sales, OPEC+ ministerial meeting, US markets closedTuesday, September 6: RBA rate decision, US August ISM services PMIWednesday, September 7: Australia and Eurozone Q2 GDP, China August import and export data, Powell speech, Bank of Canada rate decisionThursday, September 8: Japan Q2 GDP, RBA President speech, ECB rate decision, US initial callFriday, September 9: China August CPI and PPI, Canada August Employment reportStock marketThe three major U.S. stock indexes have fallen for three weeks in a row.The latest nonfarm report showed job creation of 315,000 slightly better than expected, but the previous report was revised down, hourly earnings growth slowed, and the unemployment rate rose to 3.7% from 3.5%. The Fed's aggressive early rate hikes appear to be having some effect, with expectations for a 75-basis-point rise in September now down from 75% to 56%.But Russia's decision to cut off supplies to Europe indefinitely dented risk sentiment, with all sectors except energy stocks closing lower on Friday.With a lack of big data for the U.S. market this week and the Labor Day holiday on Monday, moves in the coming days could be more influenced by external factors such as energy prices, geopolitics and higher interest rates in Europe. Under the expectation of raising interest rates and shrinking the balance sheet, the overall trend of the stock market is still bearish.Oil and goldOPEC+ will hold a ministerial meeting today, and production remains unchanged is the mainstream expectation, but the possibility of production cuts has not been completely ruled out. The extent of the cuts, if any, will determine the height of the price rebound.Another potential short-term positive factor is the spat between Europe, the US and Russia. The G7 agreed on Friday to set a price cap for Russian crude, which will be further discussed at a meeting of EU energy ministers on Friday. In response, Russia announced an indefinite suspension of the Nord Stream 1 pipeline.SpotCrude (WTI) stabilized above 86 for the time being but remains well below its 200-day moving average, and OPEC production cuts and gas outages may help oil prices recover briefly. On the contrary, if it falls below 86, it may face the risk of a sharp decline.Gold saw some safe-haven buying on Friday as tensions flared between Russia and the European Union. Of course, the cooling of Fed rate hike expectations has also provided breathing room for gold prices. However, gold, which has fallen for three consecutive weeks, is still in a weak pattern, focusing on the support area of 1680-1695, and if it can return to above 1720, the alarm is temporarily lifted.Foreign exchangeThe U.S. dollar index (USDX) was little changed after the non-farm data, climbing to a fresh 20-year high after three straight weeks of gains. With a light data week, the focus will be on Powell's speech on Wednesday.The euro fell slightly last week but opened lower at 0.9925 on Monday. Some European countries have begun to ease soaring electricity prices in the form of government subsidies or price caps, and power cuts are also possible options. The economic impact of the energy crisis is self-evident, with Germany and Italy the most exposed.Faced with record inflation, the European Central Bank now has a 64 percent chance of raising interest rates by 75 basis points on Thursday, when it unveils new economic and inflation forecasts. A rate rise of just 50 basis points could see the euro fall sharply. In the short term, it is concerned whether the pair can hold the 0.9900 line.EURUSDThe pound ended the week down nearly 2% below 1.15. Truss's appointment as Britain's new prime minister is expected to be announced on Monday, and the focus will be on her emergency budget and her cabinet, but little practical help for the pound.The Reserve Bank of Australia will announce its interest rate decision on Tuesday, which is expected to raise rates by 50 basis points, and the Fed president will speak on Thursday, which can give a glimpse of the future rate hike path. The one-week implied volatility of the Australian dollar is 11.9%, implying 93 pips (up or down) for the week. Last week's low of 0.6771 is the first position to watch. In addition, China's economic data, the epidemic and the yuan will also have an impact on the Australian dollar.The Bank of Canada is expected to raise rates by 75 basis points on Wednesday. But oil prices and the global economic outlook are more important factors driving commodity currencies. Us/Plus side target is July high at 1.3223. GBPCAD's downward trend is expected to continue.The material presented here has not been prepared in accordance with the legal requirements aimed at promoting the independence of investment research and is therefore considered for market communication purposes. While not subject to any prohibitions on trading prior to the dissemination of investment research, we do not seek to take advantage of any advantages before making it available to our clients.Pepperstone does not represent that the material provided herein is accurate, current or complete and therefore should not be relied upon. The information, whether from a third party or not, should not be considered a recommendation; Or offer to buy or sell; Or soliciting an offer to buy or sell any security, financial product or instrument; Or participate in any particular trading strategy. 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