Silver up 5% as Physical Demand Triggers CTA Panic

Housekeeping: Good Morning

Featured Analysis:

In Other News:

Data on Deck: Unemployment

MONDAY, AUGUST 3

* 9:45a Final Manufacturing PMI (prev 53.8 → est 53.8)

* 10a ISM Manufacturing PMI (prev 53.3 → est 54.0)

* 10a ISM Manufacturing Prices (prev 73.0 → est 70.0)

* 10a Construction Spending m/m (prev 0.1% → est 0.2%)

* 10:15a Omdia Total Vehicle Sales (prev 16.5M → est 16.3M)

* 2p Loan Officer Survey

TUESDAY, AUGUST 4

* 10a JOLTS Job Openings (prev 7.59M → est 7.44M)

* 10a Factory Orders m/m (prev -1.3% → est 0.2%)

* 10:13a RCM/TIPP Economic Optimism (prev 45.5 → est 47.5)

* 8:15p FOMC Member Schmid Speaks

WEDNESDAY, AUGUST 5

* 8:15a ADP Non-Farm Employment Change (prev 98K → est 68K)

* 9:45a Final Services PMI (prev 53.6 → est 53.6)

* 10a ISM Services PMI (prev 54.0 → est 54.5)

* 4:05p FOMC Member Cook Speaks

* 4:30p President Trump Speaks

* 8:35p FOMC Member Daly Speaks

THURSDAY, AUGUST 6

* 5:30a Challenger Job Cuts y/y (prev -4.5%)

* 8:30a Unemployment Claims (prev 197K → est 203K)

* 8:30a Prelim Nonfarm Productivity q/q (prev 0.8% → est 0.6%)

* 8:30a Prelim Unit Labor Costs q/q (prev 2.3% → est 2.2%)

* 5:30p FOMC Member Musalem Speaks

FRIDAY, AUGUST 7

* 8:30a Average Hourly Earnings m/m (prev 0.3% → est 0.3%)

* 8:30a Non-Farm Employment Change (prev 57K → est 85K)

* 8:30a Unemployment Rate (prev 4.2% → est 4.2%)

* 10a FOMC Member Barkin Speaks

* 3p Consumer Credit m/m (prev -0.2B → est 11.4B)

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