The UK jobs and US producer prices report… for starters

Global markets navigated a bullish theme as investors warmed up ahead of the release of key US data that is sure to impact bets on a Fed rate cut and provide more information about the health of the US economy.

Here’s what you need to know on Tuesday, August 13:

The USD Index (DXY) alternated between gains and losses around the 103.20 area amid widespread paid sentiment in global markets. On August 13, producer prices will be at the center of the debate, as well as the Fed’s R. Bostic’s speech.

EUR/USD managed to reverse some of the recent multi-day decline, advancing modestly near 1.0940. Economic sentiment tracked by the ZEW institute in both Germany and the euro area will take center stage on August 13 on the domestic calendar.

GBP/USD extended its recovery to within a few pips of the key 1.2800 figure. The UK Labor Market Report will be the key event across the Channel on 13 August.

Further depreciation in the Japanese yen led USD/JPY to gather fresh momentum and clear the 148.00 hurdle, although the pair erased much of that move towards the end of the day. Manufacturer prices are due in Japan on August 13.

The resumption of the uptrend saw AUD/USD briefly test above the 0.6600 barrier, a region where the key 200-day SMA also coincides. On August 13, the Westpac Consumer Confidence Index will be released, followed by the Wage Price Index.

WTI prices rose for a fourth straight session and broke above $79.00 a barrel, helped by rising geopolitical concerns and hopes of the Fed starting its easing cycle in September.

Gold prices rose to multi-day highs near $2,470 a troy ounce on wobbly greenback price action and lower U.S. yields, while geopolitical turmoil and hopes of rate cuts by The Fed adds to the sentiment. Along the same lines, Silver advanced to five-day highs and flirted with the key mark of $28.00 an ounce.