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.
