Global stocks, precious metals and commodities started the new week in negative territory. The recent bearish sentiment is driven by hawkish minutes from the Federal Reserve’s July meeting. The minutes showed that the Federal Reserve is keen to continue with their hiking cycle to bring down inflation. “Participants observed that inflation remained unacceptably high and was well above the Committee’s long-run goal of 2 percent,” the minutes said.
Moving ahead, this week the key economic event to focus on is the GDP data from US and Germany. However, all eyes will turn to Fed Chair Jerome Powell’s speech at the annual symposium in Jackson Hole.
On the earnings front, the companies scheduled to release their last quarter financial results this week will be Zoom, Nvidia, Salesforce and Snowflake.
Check out my detailed weekly analysis here - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-44