The second estimate of UK Q2 GDP confirmed the first estimate

European shares reversed early losses to trade slightly higher. US Equities opened in positive territory too, ahead of Yellen's Jackson Hole speech.
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.
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.
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.
At 16:00 pm CET Fed Chairwoman Yellen will start her speech at the Jackson Hole Symposium. The Symposium will continue tomorrow.

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EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold sticks to intraday losses; lacks follow-through

Gold remains depressed through the early European session on Monday, though it has managed to rebound from the daily trough and currently trades around the $5,000 psychological mark. Moreover, a combination of supporting factors warrants some caution for aggressive bearish traders, and before positioning for deeper losses.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.