Precious metals are edging downward today despite continued focus on some geopolitical hotspots. This week is shaping up to be very quiet, typical of a mid-August trading week. What is drawing the market's attention, however, is a global central bankers meeting scheduled to be held on Friday. Obviously, because of the lack of any other noteworthy market developments, smaller, more negligible developments will be picked apart and analyzed by investors.
Investors Look Ahead to Jackson Hole
If you thought last week was slow, this week is about to feel like it is standing still. There is almost no markets-moving economic data on the slate for this week, and that is a major reason why things are just so incredibly slow. What is catching the attention of investors is Friday's Kansas City Federal Reserve meeting, scheduled to kick off on Friday in Jackson Hole, Wyoming. The meeting will feature some of the world's most influential central bankers, including Janet Yellen and European Central Bank president Mario Draghi. In the past, the speeches made at this meeting have been provided a lot of indication about the future direction of monetary policies from countries around the world.
As you could have probably guessed, investors will be paying such close attention to Friday's meeting in order to hear what, if anything, the ECB plans on doing to combat recently dismal economic data. In addition to this, it will be interesting to see if Janet Yellen offers any further insight into when and by how much interest rates are going to be raised by.
Apart from Friday's meeting, however, there really won't be too much in the way of very important economic data for investors to talk about. As a result, we will see the focus of the marketplace continue to be on the hotspots of geopolitical activity from around the world. Just yesterday it was reported that Iraqi military forces had made large gains against ISIS units thanks, in large part, to the assistance of US air strikes.
In Ukraine, Russian-backed separatists and Ukrainian military forces are still doing battle despite peace talks being held over the weekend. As has been the case for most of this year, we will continue to analyze each and every development stemming from the crisis in Eastern Europe.