Watch this weekMonday, August 22: China's benchmark lending rateTuesday, August 23: Eurozone, UK and US Markit Manufacturing PMI for August, Eurozone Consumer confidence for August, US new home sales for JulyWednesday, August 24: U.S. durable goods orders for JulyThursday, August 25: ECB meeting minutes, German August IFO Business Climate Index, US preliminary data, US Q2 GDP revision, Jackson Hole Annual Meeting of global central banksFriday, August 26: U.S. Personal income/Spending /PCE Price Index for JulyStock marketWall Street stocks ended a four-session winning streak this week, and after failing to break through key moving averages and trend lines, the rally appears to be showing signs of exhaustion.S&p 500 (US500)The Fed minutes reiterated the need to raise rates to fight inflation. In order to bring CPI down from 8.5% to the 2% target area, the possibility of raising interest rates by 75 basis points in September has not been completely ruled out, and there is even a probability of about 50%. Last week's rally in defensive sectors such as consumer staples and utilities and the plunge in digital currencies have shown a heightened risk aversion in the market.On the data front this week are July durable goods orders and the PCE price index. The former had risen for four straight months, while the latter remained high at 6.8 percent.But markets will be more concerned about the three-day Jacksons Hole Symposium of global central banks, which begins Thursday. That's when central bankers, including Powell, will speak on the economic outlook and the path of interest rate hikes. This is expected to cause significant fluctuations in US bond yields, the dollar, risk assets, etc. Powell's language is likely to remain somewhat flexible until we see the next NFP and CPI data. If he proactively mentions rate cut expectations and a soft landing next year, stocks could get a boost.Gold and crude oilGold also closed lower for the first time in five weeks and fell for the fifth straight session. Under the pressure of more hawkish comments, gold prices lack significant support on the way to 1710-1720. On the daily chart, a series of lower highs have taken shape, will we see the next low lower than 1680?International oil prices fell about 3% last week. As the negotiations for the Iran nuclear deal dawned, the market expected 1.2 million BPD of supply to return, while the demand side was hit by the prospect of a recession, so the downward trend did not change. The spread between near - and far-end futures contracts has narrowed sharply. However, it is necessary to pay attention to the impact of "buying expectations and selling facts" on oil prices. This week, let's focus on key support for WTI near $86.European natural gas futures prices last week hit their highest level since the war between Russia and Ukraine, electricity prices in European countries hit a record high, and US natural gas also hit a 14-year high. Russia will briefly shut down Nord Stream 1 again at the end of the month. In the short term, the surge in natural gas prices may boost demand for crude oil and slow the decline in oil prices.Foreign exchangeAs the probability of rate hike expectations and hawkish calls remained high, the dollar index (USDX) jumped to a new four-week high of 107.78, and the 10-year Treasury yield approached the 3% mark.After a 2 per cent fall last week, it may only be a matter of time before the euro hits parity again. The chart below shows the impact of energy prices on the European economy and the euro. German PPI up 37% in July! On Tuesday, the euro zone's manufacturing PMI for August, which fell below the 50-point line in July, and consumer confidence, which fell to a record low, will be released. The impact of Thursday's European Central Bank minutes is expected to be limited.European Natural Gas (Blue) German Electricity Price (White) vs EURUSD (Orange)Us/Day after the completion of the neck line break, 137.50 and 139 are the next target for bulls, but also need to watch out for overbought signals.USDJPY 4HWeekly losses in commodity currencies last week were stronger than those in European currencies, with the Australian dollar and New Zealand dollar falling more than 3% and 4% respectively. Australia/the United States began to pressure downward near the 200-day average, and the current support in the 0.6870 line looks more fragile, falling below or exploring 0.6800 or even the year's low of 0.6681. A pullback in global risk sentiment is not good for the Aussie outlook.The USDCNH has climbed to a 2-year high of 6.8443 after breaking out of the triangular consolidation area. The biggest driver of the pair's rise is the sharp contrast between Chinese and US monetary policies ahead of Monday's release of China's one - and five-year LRP rates.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. 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