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The yen's slide back toward 160 per dollar, despite last month's coordinated intervention, keeps currency markets alert to any signal that Tokyo and Washington could act again. Katayama's comment that the joint statement with Bessent "still lives" suggests officials want to keep the intervention threat credible without committing to fresh action, a stance markets will test if the yen weakens further. Whether Katayama and Bessent hold a bilateral meeting in Asheville will be closely watched as a proxy for how seriously either side is treating renewed yen weakness, with Ueda's possible attendance adding another channel through which BOJ policy signals could emerge.

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Earlier:

• US to press G20 on growth, imbalances and Iran sanctions at…

The infrastructure push signals a more coordinated push to translate policy support into actual project starts, with the focus on compute, power grid and telecom integration pointing to continued state backing for AI and digital infrastructure buildout. Combined with steady service trade momentum, particularly in digital and high value services, the announcements suggest Beijing is leaning on both domestic investment and external demand to support growth in the second half. The scale and pace of the six-network rollout will be the key signal for markets to watch, given the emphasis on private investment participation and diversified financing models.

Take note:

The Australian dollar is widely treated by markets as a liquid proxy for China…

With markets already pricing a 94% chance of a hike, the September decision itself carries limited surprise potential, shifting focus to how the RBNZ frames the path beyond it. BNZ's own inflation forecast of 3.7% for the September quarter, well above the RBNZ's own July projection of 3.3%, points to a growing gap that could force more aggressive guidance than markets currently expect. The key pricing question is whether October and December both carry live hike risk, with futures currently reflecting only one further move across those two meetings.

BNZ says a hike at the September 2 meeting is essentially locked in, but believes the RBNZ will ultimately need to tighten further and faster than its own guidance currently suggests.

Summary:

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The framing of continued dollar-system access as contingent on Iran sanctions compliance raises the stakes for any G20 member with residual Iranian trade ties, adding a fresh layer of geopolitical risk premium to energy and shipping markets tied to Iran. The administration's emphasis on trade imbalances and excess capacity, language consistently used in reference to China's export model, signals continued friction over global trade flows even as the meeting is framed around cooperative growth objectives. Any signal on Treasury's approach to long-dated bond buybacks will also be watched closely by rates markets, given elevated yields since the conflict with Iran began.

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Coming up prior:

• Here's the full agenda for the Jackson Hole Fed…

The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate. More here on this.

• PBOC injected 333bn yuan through overnight reverse repos
• and injects 20bn yuan via 7-day reverse repos at unchanged 1.4%

This article was written by Eamonn Sheridan at investinglive.com.

The estimates point to a market still meaningfully undersupplied relative to pre-war norms, even as flows continue to recover from their March trough. The suggestion that Hormuz transits are approaching the upper end of official US estimates indicates producers and shippers have found workable adaptations to the ongoing disruption, potentially limiting further near-term price upside from supply scarcity alone. Goldman's continued preference for price upside in European gas and longer-dated oil products over crude itself signals a view that structural bottlenecks in refined and gas markets may prove more persistent than the crude supply gap, a distinction traders may want to reflect in how they position across the complex rather than…

I've summarized below into an easy to read format, but the link is here if you want more. 

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Earlier:

• Recap: Fed officials flag inflation risks in run-up to Warsh's Jackson Hole debut

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Jackson Hole Economic Policy Symposium 2026

"Financial Innovation: Implications for Payments and Policy" Federal Reserve Bank of Kansas City | Jackson Lake Lodge, WyomingAll times below are Mountain Time (add 2 hours for ET)

Thursday, August 27

6:00pm — Opening Reception and Dinner Host: Jeffrey Schmid, President & CEO, Federal Reserve Bank of Kansas City

Friday, August 28 (8:00am – 2:00pm)

Session Chair: Kristin J. Forbes, MIT

Saturday, August 29 (8:00am – 12:00pm)

Session Chair: Anil Kashyap, University of Chicago

This article was…

The stronger than expected reading reinforces the case for a BOJ rate hike as soon as its September 17-18 meeting, with the core-core gauge the central bank watches most closely now sitting just 2 basis points shy of an even rounder milestone above target. Coming alongside a sharp acceleration in wholesale inflation to 7.2% in July, the data supports the view that Middle East related cost pressures are still working their way through the pricing chain with a lag, adding to the risk that consumer inflation continues drifting higher over coming months. With sources indicating the BOJ may consider a more aggressive hiking pace than its recent twice yearly cadence, this print adds another data point supporting near term policy tightening.

<p…

The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exchange markets. China operates a managed floating exchange rate system, under which the renminbi (yuan) is allowed to trade within a prescribed band around a central reference rate, or midpoint, set each trading day by the PBOC. The current trading band permits the currency to move plus or minus 2% from the official midpoint during onshore trading hours. Each morning, the PBOC determines the midpoint based on a range of inputs. These include the previous day’s closing price, movements in major currencies, particularly the US dollar, broader…

The improvement adds to a broader run of data pointing to a firming UK growth backdrop, with businesses citing stronger customer demand and greater confidence in their own trading outlook as key drivers. The notable fall in pricing intentions, now at their lowest since 2022, is the detail most likely to draw attention from rate setters, as it suggests some easing in the inflationary pressure businesses expect to pass through over the coming year. Taken together, the survey points to a more constructive investment and growth environment without an accompanying pickup in price setting behaviour, a combination that could support a more comfortable policy backdrop if sustained.

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British businesses are feeling more confident and less…

Japan Tokyo CPI August 2026, y/y:

Headline CPI 1.9%

• expected 1.9%, prior 2%

Core CPI (excludes fresh food) 1.8%

• expected 1.7%, prior 1.9%

CPI Ex Food and Energy (core-core and the closest to US core CPI measure) 2.0%

• expected %, prior 2%

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Japan July Unemployment Rate 2.4%

• expected 2.5%, prior  2.5%

Jobs/applicatints ratio 1.18

• expected 1.19, prior 1.18

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I'll have more to come on this separately.

This article was written by Eamonn Sheridan at investinglive.com.

A Venezuelan exit would carry limited immediate supply implications given the country currently sits outside OPEC's production quotas following years of steep output decline. The more significant risk for markets is reputational and structural: any departure would renew questions about the cohesion of the Saudi-led group and its capacity to manage prices effectively. A deeper US-Venezuela energy relationship aimed at expanding Venezuelan output over time would add a further source of potential supply growth to a market already facing forecasts of a widening surplus in coming years.

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Earlier:

• Iran says it is preparing list of conditions for reopening Strait of Hormuz
• Oil catch up post: Snaps losing streak as Trump rules out reviving Iran…