London Open Briefing: Wednesday, August 26, 2026
The London trading session opens with a slightly risk-on tone, as indicated by the risk meter at +0.09. The Australian Dollar has shown strength over the past 24 hours, up +0.44%, while the New Zealand Dollar is the weakest, down -0.22%. Price action since the reference point includes XAUUSD down -0.68%, NZDUSD lower by -0.40%, and GBPJPY down -0.21%. Conversely, AUDUSD gained +0.25%, USDCHF rose +0.23%, and the JP225 is up +0.37%. Crowd positioning shows shifts toward long on NZDUSD and XAUUSD by 9pt each, while the book on USDJPY flipped from 54% short to 53% long. Retail books on GBPJPY disagree by 22 points.
Recent data releases include Australia’s Construction Work Done q/q, which came in at -2.1% against a consensus of 0.5%. In Sweden, PPI m/m was 0.1% compared to a 1% consensus, while PPI y/y matched expectations at 6.4%. Japan’s BoJ Corporate Services Price Index y/y registered 3.6%, slightly above the 3.5% consensus.
Looking ahead, the US economic calendar is busy at 12:30 UTC with several high-impact releases. These include US GDP q/q, with consensus at 1.5%, and GDP Sales q/q, with consensus at 2.2%. Also due are US Core PCE Price Index m/m, expected at 0.2%, and Core PCE Price Index y/y, with consensus at 3.3%. Medium impact data at the same time includes Real PCE q/q at 3.2% consensus, Prelim GDP Price Index q/q at 6.2% consensus, and PCE Price Index m/m at 0% consensus. Later at 14:30 UTC, the EIA Crude Oil Stocks Change is expected to be 5.39M.
Traders will closely monitor the comprehensive set of US GDP and PCE inflation data due this afternoon.
| At a glance | |
|---|---|
| Biggest moves since the previous session | XAUUSD -0.68%, NZDUSD -0.40%, JP225 +0.37% |
| Currency strength, 24h | AUD strongest at +0.44%, NZD weakest at -0.22% |
| Risk meter | +0.09 (mildly risk-on) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 12:30 UTC | USD | US GDP q/q | High | 1.5% |
| 12:30 UTC | USD | GDP Sales q/q | High | 2.2% |
| 12:30 UTC | USD | US Core PCE Price Index m/m | High | 0.2% |
| 12:30 UTC | USD | Core PCE Price Index y/y | High | 3.3% |
| 12:30 UTC | USD | Real PCE q/q | Medium | 3.2% |
| 12:30 UTC | USD | Prelim GDP Price Index q/q | Medium | 6.2% |
| 12:30 UTC | USD | PCE Price Index m/m | Medium | 0% |
| 14:30 UTC | USD | EIA Crude Oil Stocks Change | High | 5.39M |
Times are UTC. This brief describes measured market state and the published schedule. It is not financial advice and nothing in it is a trade recommendation.