KBC Market Research Desk
KBC Bank
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European shares reversed early losses to trade slightly higher. US Equities opened in positive territory too, ahead of Yellen's Jackson Hole speech.
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The second estimate of UK Q2 GDP confirmed the first estimate, showing a growth rate of 0.6% Q/Q. The details were more surprising. Private consumption remained strong, but also business investments surprised on the upside, while net exports were a significant drag on growth.
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Euro area inflation expectations in surveys have become less dependent on the ECB's target and more on its shorter‐term projections, posing a potential risk to the ECB's credibility, an ECB research paper showed.
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Ahead of Yellen's speech, gold rebounds today, rising almost 1% to $1330/ounce. Brent crude oil reversed early losses, trading around $49.5/barrel. Iran said today, it will help other oil producers stabilise the world market so long as fellow OPEC members recognise its right to regain lost market share.
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At 16:00 pm CET Fed Chairwoman Yellen will start her speech at the Jackson Hole Symposium. The Symposium will continue tomorrow.
This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.
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EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.