Markets freeze before Jackson Hole. Bitcoin back below 80K USD (28.08.2026)

📊 Indices and Companies

• Futures on main US indices have slowed significantly and are trading flat (US100: -0.05%; US500: +0.02%) following a fade in volatility generated by Nvidia’s earnings (+8.5% yesterday). Stagnation dominates the session for now, with investors holding their breath ahead of the Fed’s Jackson Hole symposium, where all attention will focus on comments from Kevin Warsh.

• Sentiment in Asia is mixed and trading volumes are muted as investors await Warsh’s speech today. South Korea performed worst in the region (KOSPI: -1.3%) due to waning tech enthusiasm following Nvidia’s results (SK Hynix: -1.5%, Samsung: -2.5%). Japan outperformed the region (Nikkei 225: +0.6%), while Chinese markets (Hang Seng and HSCEI: +0.4%) and Australia (S&P/ASX: +0.5%) are also trading slightly in the green.

🌍 Economy and Geopolitics

• Tokyo CPI inflation unexpectedly accelerated to 1.8% YoY in August (previous and consensus: 1.7%), while the core-core index (excluding fresh food and energy) rose to 2.0%. The data reflects slowing food price growth, a broader pass-through of energy costs creating pressure across the economy, and yen weakness. The unemployment rate also fell (from 2.5% to 2.4%). Markets slightly raised expectations for a BOJ interest rate hike in September, with the data supporting recent hawkish comments from BOJ officials.

• A Reuters poll revealed that 27 out of 31 surveyed economists expect a second consecutive rate hike in New Zealand in September (to 2.75%).

• The commander of United States Central Command reported that recognized international transit routes through the Strait of Hormuz have been cleared of Iranian naval mines.

💱 Currencies and Commodities

• On FX, a similar decline in volatility is visible, with movements across most G10 currency pairs not exceeding 0.1%. The exception is the New Zealand dollar (NZDUSD: +0.2%), supported by hawkish expectations among economists. The yen is losing ground despite higher-than-expected inflation (USDJPY: +0.12%). The Dollar Index is adding a modest 0.05%. EURUSD is trading flat at 1.1644.

• Precious metals are giving back most of yesterday’s gains. Gold is down 0.5% to $4,580 per ounce, and silver is losing 0.6% to $68.80 per ounce.

• Brent crude futures are pulling back by a modest 0.5% to $88.10 per barrel, while natural gas continues its gains both in Europe (NATGAS.EU: +0.7%) and on NYMEX (NATGAS: +0.3%).

🪙 Crypto

• Crypto markets are experiencing moderate profit-taking ahead of Jackson Hole. <a href="https://xpertsstudio.com/cz-says-bitcoin-could-surpass-gold-in-next-bull-run-eyes-1m-price/” title=”CZ Says Bitcoin Could Surpass Gold in Next Bull Run, Eyes $1M Price”>Bitcoin is down 0.45%, falling back below $80,000 ($79,930). Ethereum is losing 0.4% to $2,497.

Economic Calendar: All eyes on Kevin Warsh! Will Fed Chair protect his credibility?

Daily Summary: Nvidia drives the Nasdaq 100 up 1.3% (27.08.2026)

US Open: Nvidia breaks the curse – 7% gain drives the Nasdaq! (27.08.2026)

Market Wrap: Defence bucks declines in Europe. Dollar stabilises before Jackson Hole (27.08.2026)

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Source: www.xtb.com