On September 8, data released by the US Bureau of Labor Statistics on Friday showed that US employment growth in August slowed beyond expectations, nearly stagnating, while the previous two months' figures were significantly revised downward again, indicating substantial deterioration in the labor market. This prompted traders to increase bets on the Federal Reserve beginning rapid consecutive rate cuts starting this month.

Specifically, the US August seasonally adjusted non-farm payroll recorded 22,000 jobs, far below market expectations of 75,000, with the previous reading revised from 73,000 to 79,000. Notably, June's non-farm payroll addition was revised down by 27,000 from 14,000 to -13,000; July's non-farm payroll addition was revised up by 6,000 from 73,000 to 79,000. After revisions, the combined June and July job additions were 21,000 lower than before the adjustments. Additionally, the US August unemployment rate recorded 4.3%, meeting market expectations and rising for the fourth consecutive month, reaching the highest level since October 2021.

Economists attribute the employment growth slowdown to two factors: first, the Trump administration's comprehensive import tariff increases have caused business costs to surge, suppressing hiring intentions; second, tightened immigration enforcement has directly reduced labor supply.

Furthermore, Japan decided to implement a record minimum wage increase, which not only strengthens the virtuous cycle between wages and prices in the country but also provides new support for the Bank of Japan to further raise interest rates. According to a statement from Japan's Ministry of Labor on Friday, prefectures nationwide will raise minimum hourly wages by an average of 66 yen in this fiscal year, representing an overall increase of 6.3%, bringing the new hourly wage level to 1,121 yen (approximately $7.56). This is the largest increase on record since 1978, with new standards taking effect gradually from October this year, affecting approximately three million workers.

This decision is expected to directly drive consumer price increases further. On one hand, employers may pass rising labor costs to consumers; on the other hand, increased worker income will boost consumer spending, thereby consolidating the demand-driven inflation cycle that the Bank of Japan has long sought.

Today's key data to watch includes Germany's July seasonally adjusted industrial output monthly rate, Germany's July seasonally adjusted export monthly rate, and the Eurozone September Sentix investor confidence index.

**Gold/USD** Gold surged significantly on Friday, challenging the 3600 level and setting new historical highs, with current prices trading around 3587. The closely watched US non-farm employment report during the period fell significantly short of market expectations, and heightened expectations for a 50 basis point Fed rate cut in September were the main reasons supporting gold's rise. Additionally, challenges to Fed independence and persistent market risk-aversion sentiment continue to provide support for gold. Today, focus on resistance around 3610, with support below at around 3570.

**AUD/USD** The Australian dollar fluctuated higher on Friday, reaching a 6-week high, with current prices trading around 0.6560. Besides technical buying formed around the 0.6500 level providing some support for the exchange rate, the US Dollar Index's breach of the 98.00 level under pressure from the significantly disappointing non-farm employment report was also an important factor supporting the Australian dollar's rise. Today, focus on resistance around 0.6650, with support below at around 0.6450.

**USD/JPY** USD/JPY fluctuated lower on Friday, hitting a 4-week low, with current prices trading around 148.10. Besides profit-taking exerting some pressure on the exchange rate, the US Dollar Index's decline due to the significantly disappointing non-farm employment report heating up expectations for a 50 basis point Fed rate cut in September was also an important factor pressuring the pair's weakness. Japan's strong economic data rekindling Bank of Japan rate hike expectations also exerted some pressure on the exchange rate. Today, focus on resistance around 149.00, with support below at around 147.00.