London Open Briefing: Thursday, August 20, 2026
The London session begins with a slightly risk-off sentiment, reflected by the Risk Meter at -0.18. Equity indices show declines, with the DE40 down -0.41%, JP225 down -0.40%, and UK100 lower by -0.35%. Gold, XAUUSD, also trades down -0.67%. In the last 24 hours, the USD has been the weakest major currency, declining -0.86%, while the CHF gained +0.86% and the NZD advanced +0.69%. This dynamic has seen NZDUSD rise +0.24% and USDCHF move up +0.23% since the reference point, setting a cautious tone for the European trading hours.
Overnight, Swiss trade figures showed Imports at 19.949B and Exports at 28.679B. Australian employment data was a key focus, with the Unemployment Rate rising to 4.5% against a 4.4% consensus. The Participation Rate came in at 66.9%, slightly above the 66.8% consensus. Total Employment Change registered -15.8K, significantly below the 11.7K consensus, despite Full-Time Employment Change being 16.3K.
Looking ahead, a series of US data points are due at 12:30 UTC, including the Philadelphia Fed Manufacturing Index, with a consensus of 13.7 following a previous 41.4. Also due are Philadelphia Fed Employment, Initial Jobless Claims, and Continuing Jobless Claims. Canada’s New Housing Price Index m/m is expected at -0.2% at the same time. Later, at 14:00 UTC, the US CB Leading Economic Index m/m is scheduled, followed by the Bank of Mexico Monetary Policy Meeting Minutes at 15:00 UTC. Retail positioning shows notable disagreement on USDCHF by 28 points and EURJPY by 24 points.
Traders will closely watch the US Philadelphia Fed Manufacturing Index at 12:30 UTC.
| At a glance | |
|---|---|
| Biggest moves since the previous session | XAUUSD -0.67%, DE40 -0.41%, JP225 -0.40% |
| Currency strength, 24h | CHF strongest at +0.86%, USD weakest at -0.86% |
| Risk meter | -0.18 (mildly risk-off) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 12:30 UTC | USD | Philadelphia Fed Manufacturing Index | High | 13.7 |
| 12:30 UTC | USD | Philadelphia Fed Employment | Medium | 1.2 |
| 12:30 UTC | USD | Continuing Jobless Claims | Medium | 1.777M |
| 12:30 UTC | CAD | New Housing Price Index m/m | Medium | -0.2% |
| 12:30 UTC | USD | Philly Fed Manufacturing Index | Medium | 24.1 |
| 12:30 UTC | USD | Initial Jobless Claims | Medium | 210K |
| 14:00 UTC | USD | CB Leading Economic Index m/m | Medium | -0.1% |
| 15:00 UTC | MXN | Bank of Mexico Monetary Policy Meeting Minutes | Medium | – |
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.