26/08/2026 – Daily Reports
- The U.S. dollar remains trapped in a narrow range as markets await July PCE inflation data and the Jackson Hole symposium.
- Middle East tensions are easing, with renewed Iran-Oman talks and efforts to reopen the Strait of Hormuz improving risk sentiment.
- Oil prices are sliding, with Brent crude falling 2.1% to $86.68 as geopolitical risk premiums ease.
- The Australian dollar rises 0.1% to $0.7172 after trimmed-mean CPI accelerated to 3.6%, slightly above expectations.
- EUR/USD remains flat near $1.1675, while GBP/USD holds around $1.3647.
- The BOJ may accelerate tightening, with economists increasingly expecting another rate hike in September.
- BOJ Governor Kazuo Ueda will skip Jackson Hole, with board member Naoki Tamura attending in his place.
- Bitcoin rises 0.8% to $78,829, while Ethereum gains 0.7% to $2,453. Monthly gains have reached 25% and 31%, respectively.
- Gold pulls back 0.5% to $4,633.94 but remains up an impressive 15% this month.
What’s Next?
The easing of Middle East tensions and falling oil prices could also reduce inflationary pressure, potentially strengthening the case for Fed easing.
The biggest near-term risk for the dollar is a dovish Jackson Hole message combined with softer PCE data. Gold’s structural trend remains strong, but after a 15% monthly rally, short-term profit-taking and volatility should not be underestimated
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Copper futures climbed above $6.7 per pound on Wednesday, reaching a new all-time high as supply-side risks persisted despite a recent easing of the market squeeze.
Traders continued to divert shipments toward the US amid elevated premiums and expectations of new tariffs under the Trump administration, with the White House yet to make a final decision on the matter.
Copper inventories in warehouses tracked by the London Metal Exchange have fallen by almost half since mid-May following a 42-day streak of declines.
Elsewhere, Zijin Mining warned that flooding at the Kamoa-Kakula copper complex in the Democratic Republic of Congo could cut its share of production by as much as 57,000 tons this year, underscoring ongoing risks to global supply.
On the demand side, Chinese smelters have faced difficulties securing feedstock, increasing the need for imports.
