The demand for haven assets soared after the media reported that China asked the WTO for permission to impose sanctions on the US. Investors panicked and started moving their investments into safe-haven assets like gold and silver. This is why we saw a dramatic drop in the stock market indices.

However, the markets came back to normal after a WSJ report revealed that the Chinese President’s Chief of Economic Policy, Liu He, has pledged to American company owners that their business in the region won’t be targeted in any retaliatory measures.

Speaking of today’s fundamentals, investors are eyeing the US economic events due in the New York session today. Check this out…

Watchlist – Key Economic Events Today

USD – PPI m/m

The producer’s price index is considered a leading indicator of consumer inflation. When producers charge extra for goods and services, the higher costs are usually passed on to the consumer. So, the higher PPI can lead to higher CPI, which pressurizes central banks to release hawkish monetary policies. The current PPI figure is anticipated to grow by 0.2% m/m in Aug vs. 0.0% growth in July. Investors are advised to monitor FX Leaders economic calendar at 12:30 (GMT) for the live coverage of the event.

USD – Crude Oil Inventories

At 15:30 (GMT), the Energy Information Administration is due to report the stockpile data. As per economists’ forecast, the inventories are expected to drop by -1.3M vs. -4.3M during the previous week. It seems to offer a nice trade opportunity as the  American Petroleum Institute (API) reported a drop of 8.6 million barrels in the week to Sept. 7 to 395.9 million barrels. The API report is going to support crude oil prices today as investors will be expecting the same kind of report from the EIA as well.

Good luck!