SHANGHAI, Aug 10 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar bounced off two-year lows and a gauge of global equity markets stopped marching toward a record high on Friday, as slightly better-than-expected data on US job growth in July also snapped big rallies in gold and the euro.

A US Labor Department report showed employment growth slowed considerably from June amid a surge in COVID-19 cases. Though the job numbers topped expectations, the report highlighted the need for the White House and Congress to reach an agreement on a new stimulus bill.

Gold slumped over 2% on Friday, snapping its record-breaking rally, after a decent US jobs report boosted the dollar, but a worsening pandemic kept prices on course for their longest streak of weekly gains in about a decade. The dollar rebounded from two-year lows after data showed US nonfarm payrolls increased 1.763 million in July against a record rise of 4.791 million in June and on renewed US-China tensions. Further weighing on gold was an impasse in the new U.S. coronavirus aid bill.

“Once they agree on a stimulus it’ll be bearish for the dollar. The global economy is still very wobbly and as a result we’re going to get a lot more easy money, so all that is tailwind for gold,” said Edward Meir, analyst at ED&F Man Capital Markets.

Oil prices fell more than 1% on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases.

The rise in infections remains the dominant issue for the fuel demand outlook. Cases in the United States are still rising in a number of states, while India recently reported a record daily jump in infections. More than 700,000 people have died in the worldwide pandemic.

OPEC member Iraq pledged to cut output further in August, which helped support prices. The nation has been a laggard in fully meeting its pledge as part of an April deal to reduce supply.

On Wall Street, stock futures slipped on Sunday night after President Donald Trump signed several executive orders aimed at extending coronavirus relief.

Dow Jones Industrial Average dipped 55 points, or 0.2%. S&P 500 futures fell 0.2% and Nasdaq 100 futures were down by 0.4%.

Those orders continue the distribution of expanded unemployment benefits, defer student loan payments through 2020, extend a federal moratorium on evictions and provide a payroll tax holiday. However, the unemployment benefit will be continued at a reduced rate of $400 per week. Originally, the benefit provided workers impacted by the pandemic with $600 per week.

Trump’s moves come after congressional leaders failed to make progress on a new coronavirus stimulus package last week. Several benefits from a package signed earlier in the year lapsed at the end of July, raising uncertainty about the U.S. economy moving forward.

Shanghai base metals, except aluminium, closed lower on Friday night. Copper plunged 3.32%, zinc shed 0.26%, lead declined 0.94%, nickel fell 1.24% and tin weakened 0.52%, while aluminium edged just 0.07% higher.

Their counterparts on the LME pulled back across the board on Friday. Copper tumbled 3.84%, aluminium dropped 1.04%, zinc shed 0.79%, nickel declined 0.59%, lead dropped 1.92% and tin slipped 0.62%.

Key economic data slated for release today include July consumer price index (CPI) for China, the Eurozone Sentix investor confidence index for August and JOLTS job openings.