Daily Economic Briefing

Global oil prices are forecast to remain elevated near $104/bbl due to the ongoing closure of the Strait of Hormuz, while gold has surpassed the euro as the second-largest global reserve asset.

Key Takeaways

• 1.The Strait of Hormuz remains closed, keeping Brent crude oil prices above $100/bbl with a projected average of $104/bbl in 3Q26.
• 2.Global FX reserves (ex-gold) stalled at $13.1tn in 1Q26 due to valuation effects from a stronger US dollar.
• 3.Gold reserves reached a record 19.7% of global official reserves, surpassing the euro as the second-largest reserve asset.

Table of Contents

• Daily Economic Briefing
• Economic and Policy Research
• Focus: Global FX reserves steady in 1Q as gold keeps rising
• Quantitative Economic Dashboard (QED): Summary
• US activity tracker
• Inflation tracking
• Policy rate tracking
• Other Disclosures

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