DCHF - Challenging Week Ahead

• Three macro considerations are shaping the investment climate: the evolution of the virus and the response, the timeframe of the Fed's tapering, and China's broad regulatory crackdown.
• China is doing what some of its critics were struggling to accomplish, namely, discourage further integration of China into the global capital markets.
• The high-frequency data highlight of the week ahead is the US employment report. Once again, some economists are forecasting an increase of more than a million jobs in July.
• A robust employment report would mean the earliest window for the Fed to signal its intention on the pace and composition of its bond-buying would be the Jackson Hole conference at the end of August.

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