Web Trader MT5 
S&P 500 futures remained flat ahead of the Fed’s July meeting minutes release. Markets are watching Fed officials’ speeches at the Jackson Hole economic symposium Thursday. Investors await direction from Chair Powell regarding upcoming policy meetings.
Fed funds futures show 85% probability of a September rate cut of 25 basis points, according to CME’s FedWatch.
The U.K.’s annual inflation rate came higher than expected at 3.8% in July. Analyst had expected inflation would reach 3.7% in the twelve months to July, after it picked up to 3.6% in June. July core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by an annual 3.8%, up from 3.7% in previous reading. The latest data comes after the Bank of England earlier this month voted by a fine margin to cut interest rates from 4.25% to 4%
Japan’s exports fell 2.6% in July year-on-year—the largest drop since February 2021, as the data showed declining shipments to both the U.S. and China. This exceeded the 2.1% contraction forecasted and worsened from June’s 0.5% decline. U.S.-bound exports fell 10.1% in July. Following the data release, the Nikkei 225 fell 0.9% and the yen weakened to 147.79 per dollar. Asia-Pacific markets declined overnight, following Wall Street losses Tuesday.
The crypto market dropped further yesterday as risk sentiment fades away ahead of the FOMC meeting minutes and Jackson Hole Symposium. Bitcoin fell nearly 3% and traded below $113,000 for the first time since the beginning of August. Ethereum lost more than 5% to reach a low of $4,078 before bouncing back above $4,100 in today’s session.
Gold prices also declined as the US dollar strengthened. The precious metal fell 0.5% to $3,315. Silver lost 1.65% yesterday and is currently trading at $37.20 per ounce.
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