π° Hourly Briefing | 2026-08-07 12:00 CST
US reportedly sold euros to rescue yen without informing ECB in advance, shocking Europe; tonight's NFP shows huge Wall Street divergence with ADP at only 44k vs 80k expected; Trump signs executive order imposing tariffs on imported polysilicon, Chinese polysilicon futures surge 5%.
π Market Snapshot
| Asset | Latest | Change |
|---|---|---|
| Gold XAUUSD | 4265.39 | +0.59% β |
| WTI Crude USOIL | 77.160 | -0.27% β |
Gold rebounded from 4250 to 4265, intraday high at 4266.58, with bulls pushing toward the high. Safe-haven demand rising ahead of NFP. Crude oil remains weak, oscillating around $77.
π₯ Key News This Hour
1. US “Sell EUR to Save JPY” Shocks Europe β Transatlantic Rift Emerges
The US sold euros to intervene in the yen, and only notified the ECB after the transaction was complete β Lagarde learned after the fact. European officials called it “unprecedented” and “regrettable,” raising concerns about transatlantic financial trust.
2. NFP Tonight: Wall Street Expectations Wildly Divergent
July NFP report due at 20:30. Market expects 80k new jobs, but ADP came in at only 44k β a huge gap. Goldman Sachs notes a historical pattern: July NFP frequently undershoots expectations, with significant prior revisions. Spot gold long/short ratio at 54%-46%, silver bulls near 90%.
3. Trump Signs Executive Order on Polysilicon Tariffs
Trump invoked Section 232 of the 1962 Trade Expansion Act, imposing minimum import prices and additional tariffs on polysilicon and derivative products. JinkoSolar and other PV leaders have responded. Chinese polysilicon futures surged 5% to 37,810 yuan/ton; SC crude up nearly 5%.
4. NVIDIA Reportedly Considering Reducing Rubin Ultra Chip Memory Capacity
NVIDIA may reduce memory configuration on next-gen Rubin Ultra chips. Separately, TSMC N2 capacity is sufficient but allocation draws attention; Apple raised trade-in values by up to 25% due to memory price increases.
5. A-Share Midday: ChiNext Up 1.75%, PCB and Innovative Pharma Lead
Shanghai Composite +0.49%, Shenzhen Component +1.31%, ChiNext +1.75%. PCB sector hit a wave of limit-ups, CRO concept strengthened, innovative pharma continued to rally. Index futures all higher, CSI 500 main contract +1.27%.
6. Congo Ebola Cases Exceed 4,000
DRC’s current Ebola outbreak has reached 4,053 confirmed cases. Africa CDC director says actual infections are likely higher than reported.
π§ Market Assessment
The US “sell EUR to save JPY” operation is extremely rare; completing it before notifying the ECB exposes cracks in transatlantic coordination, potentially undermining future G7 joint intervention credibility.
NFP data tonight: ADP at 44k vs 80k expected is a massive gap; Goldman notes July data is historically weak β a miss would reinforce rate cut expectations and favor gold.
Gold rebounded from 4250 to 4265 near the intraday high; bullish sentiment dominates pre-NFP with long/short at 54:46 β watch for a breakout above 4266.
Trump’s polysilicon tariffs pushed Chinese polysilicon futures up 5%, and with SC crude up nearly 5%, commodity markets are seeing warming bullish sentiment.
NVIDIA reducing Rubin Ultra memory capacity reflects ongoing HBM supply constraints constraining AI chip design; TSMC N2 capacity dynamics worth monitoring.
β° Upcoming Key Data
- Today 20:30 US July Non-Farm Payrolls (expected 80k, ADP only 44k, huge divergence)
- Today 22:00 Federal Reserve officials’ speeches
- Next Wednesday 20:30 US July CPI data