28/08/2026 – Daily Reports
- The U.S. dollar is holding near a one-week high as investors await Fed Chair Kevin Warsh’s first major speech at the Jackson Hole symposium for clues on the future path of monetary policy.
- EUR/USD is trading around 1.1652, while GBP/USD is near 1.3597. Both currencies remain on track for a second straight monthly gain against the dollar.
- Markets are pricing in roughly a 35% chance of a Fed rate hike in September, rising to around 75% by December.
- The U.S. 10-year Treasury yield remains elevated at around 4.676%, keeping bond yields and Fed policy firmly in focus.
- The Australian dollar reached a three-month high of $0.72 as expectations for another rate hike by the Reserve Bank of Australia increased.
- Bitcoin is trading around $80,620 and is on track for an almost 30% gain in August, potentially its strongest monthly performance since late 2024.
- Brent crude is hovering near $90 a barrel as renewed uncertainty surrounding U.S.-Iran relations keeps geopolitical risks in focus.
What’s Next?
The key question for markets is no longer simply whether the Fed will cut rates, but how aggressively Warsh is prepared to prioritize inflation control. A more hawkish-than-expected message could push Treasury yields and the dollar higher, while any signal that the Fed may help contain borrowing costs could put renewed pressure on the dollar
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Gold prices fell on Friday as investors awaited Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium. Spot gold declined 0.5% to around $4,576 per ounce after reaching a more than three-month high earlier in the week. The pullback comes as Fed officials highlight persistent inflation concerns, with the latest PCE data showing inflation at 3.7% year over year in July. Higher interest rates remain a key risk for gold, as the non-yielding asset tends to lose some of its appeal when bond yields rise.
Markets are now closely watching Warsh’s comments for signals on the Fed’s policy direction, with expectations increasingly tilted toward a more cautious or hawkish stance. While gold continues to receive support from strong ETF and futures participation, central-bank buying and concerns over U.S. fiscal credibility, the metal could enter a period of consolidation after its recent rally. A short-term decline could nevertheless attract fresh buying interest, particularly as investors continue to target the $5,000 level. Silver also weakened to around $68.54 per ounce, while platinum and palladium fell, with platinum heading for a weekly decline.
- The Nasdaq Composite closed Thursday up 1.57% at 29700, its strongest session since 4 August, after Nvidia shares rose 8.7% on results that beat expectations and guidance pointing to roughly 70% revenue growth in fiscal 2028, well above the 44% analysts had modelled. Salesforce and CrowdStrike also reported well received quarterly figures. In Friday pre-market trade, Nasdaq-100 futures were down 0.32%, with Marvell off about 7.6% and Rubrik down 8.3%, while Elastic held a gain of roughly 20%. Fed Chair Kevin Warsh delivers his first Jackson Hole keynote today at 10:00 a.m. ET.
- Germany’s DAX rose 0.6% to 26600 in early Friday trading, alongside gains of 1.1% in the CAC 40 and 0.2% in the FTSE 100. European semiconductor names advanced after Nvidia’s results, with the Stoxx Europe Tech index up 1.8% in early trade. The latest NIM/GfK consumer climate reading showed German consumer sentiment improving slightly in August, though the index remained in negative territory, with income expectations driving the gain.
- The Nikkei 225 closed 0.41% higher at 67360 and the Topix gained 0.72% to 4,147, following Wall Street’s lead. Japan’s unemployment rate fell to 2.4% in July, a one-year low. Tokyo core CPI rose 1.8% year on year in August, up from 1.7% in July and in line with consensus; the measure excluding fresh food and energy rose 2.0% and headline CPI rose 1.9%. Markets are increasingly pricing a Bank of Japan rate hike as soon as September.
- Spot gold fell 0.5% to $4565 an ounce by 01:57 GMT, after reaching a three-month high earlier in the week following the US Treasury’s announced support measures for long-duration bonds. Bullion is still up more than 13% in August, its largest monthly gain since January. July headline PCE inflation rose 3.7% year on year.
- Brent fell 0.34% to $85,31 a barrel and is set to end the week lower. Prices are on track to snap a two-week winning streak. Iran’s military reported a revenue-sharing agreement with Oman over the Strait of Hormuz, while stressing this does not guarantee an immediate reopening; Ukrainian strikes on Russian refineries and ports continue to disrupt export infrastructure. Goldman Sachs estimates Persian Gulf crude exports have recovered to 15–16 million barrels per day.
