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.
Global markets are focused on Nvidia’s earnings, oil prices and developments around the Strait of Hormuz. Hopes for a temporary shipping corridor between Iran and Oman pushed oil prices lower, with Brent trading around $86 per barrel.
Gold remains above $4,600 as investors await further signals on U.S. monetary policy, particularly Fed Chair Kevin Warsh’s speech at Jackson Hole on Friday.
The key event today is Nvidia’s earnings report. The company will release its fiscal Q2 2027 results after the U.S. market close. Investors will closely watch AI demand, data-center growth and guidance for the broader technology sector.
- US futures were mixed early Wednesday, with Nasdaq 100 futures off 0.20% and S&P 500 futures down 0.07% as of 5:27 a.m. EDT, ahead of Nvidia’s fiscal second-quarter results and the July inflation print. Tuesday’s session saw the Nasdaq Composite gain 0.66% as chip stocks recovered, while the 10-year Treasury yield eased to around 4.64%. July PCE is expected at +0.1% month-over-month and 3.6% year-over-year, and Salesforce, CrowdStrike, Okta and Synopsys also report. Fed Chair Kevin Warsh delivers keynote remarks at Jackson Hole on Friday at 10 a.m. ET.
- The German Ifo business climate index rose to 88.8 in August from an upwardly revised 86.7 in July, above the 87.2 consensus, with Ifo President Clemens Fuest citing recovery despite higher energy prices. German second-quarter GDP was confirmed at +0.3% quarter-on-quarter, above the preliminary 0.2% estimate. Expectations climbed to 89.1, with improvement recorded across all sectors. The index traded near 26,300 on Wednesday.
- The Nikkei 225 rose 0.6% to above 66,000, a second consecutive advance, as falling oil prices eased near-term inflation concerns and Japanese equities tracked Wall Street gains amid lower long-term Treasury yields. Advantest added 2%, SoftBank Group 2.7% and Mitsubishi UFJ 1.6%. Terra Drone jumped more than 20% after Japan’s Acquisition, Technology & Logistics Agency selected its Terra B1 interceptor drone for the Self-Defense Forces.
- Spot gold traded near $4,615 on Wednesday as positions were trimmed before the 12:30 GMT PCE release, after reaching $4,697 on Tuesday — its highest since 14 May. The dollar index hovered near 98.9, close to multi-month lows. China’s net gold imports via Hong Kong rose roughly 11% month-on-month in July.
- Brent November futures fell 3.01% to $84,58 a barrel, extending declines for a third session, as Iran and Oman discussed a temporary joint shipping route through the Strait of Hormuz ahead of a permanent arrangement. The American Petroleum Institute reported US crude inventories rose about 4.2 million barrels in the week to 21 August, against an expected 600,000-barrel build; official EIA figures were due later Wednesday.
