London Open Briefing: Thursday, August 13, 2026

The London trading session opens with commodity-linked currencies generally subdued, while the US Dollar and Japanese Yen show strength. Since the reference point, XAUUSD is down 0.54%, NZDUSD is lower by 0.46%, and AUDUSD has fallen 0.20%. In equity markets, the JP225 declined 0.33%, while the DE40 gained 0.32% and USTEC rose 0.22%. The broader market sentiment, indicated by the risk meter at +0.22, suggests a slight risk-on bias. This follows a Reserve Bank of Australia speech scoring +0.45 on the hawkish side.

Early data releases include Swiss Producer Price Index figures. PPI y/y (CHF) actual was -2.1%, matching consensus, while Swiss PPI m/m (CHF) came in at -0.1%, a positive surprise against the -0.5% consensus. From the UK, Construction Output y/y (GBP) registered -2.3%, significantly below the -1.1% consensus, and Construction Output m/m (GBP) was -0.1% against a flat consensus. Sweden’s HICP y/y (SEK) was reported at 0.3%, and HICP m/m (SEK) at -0.4%.

Looking ahead, the US economic calendar is busy at 12:30 UTC with several releases. Traders will be watching for PPI m/m (USD), with consensus at 0.2%, and Core PPI m/m (USD), expected at 0.3%. Also due are Continuing Jobless Claims (USD), with consensus at 1.777M, and Initial Jobless Claims (USD), expected at 202K. Later, at 17:00 UTC, the 30-Year Bond Auction (USD) will be held. In Brazil, Retail Sales m/m (BRL) and Retail Sales y/y (BRL) are due at 12:00 UTC. Retail books show disagreement on XAUUSD by 20 points, with the crowd shifting 12 points toward short in 24 hours. There is also 31 points of disagreement on EURJPY.

The focus for the session will likely remain on the upcoming US inflation data.

Scheduled this session (High and Medium impact)

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.