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USD/CAD is aiming for its fifth straight daily gain, hovering near 1.3970 during Tuesday’s European session.

EUR/USD trades cautiously near a month low around 1.1100 during European trading hours on Tuesday.

Here is what you need to know on Tuesday, May 13:

EUR/GBP halts its six-day losing streak, trading around 0.8420 during the early European hours on Tuesday. The currency cross holds ground following the release of mixed employment data from the United Kingdom (UK).

When asked on Tuesday whether fentanyl would be discussed in trade talks moving forward, China’s Foreign Ministry stated that the fentanyl issue is a US issue and not their responsibility.

ndian Rupee (INR) crosses trade on the front foot at the beginning of Tuesday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 94.38, with the EUR/INR pair rising from its previous close at 94.11.

Turkey Current Account Balance below expectations ($-3.95B) in March: Actual ($-4.087B)

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, retreats from its highest level since April 10 to 101.60 during the early European trading hours on Tuesday.

US Treasury Secretary Scott Bessent said on Tuesday that “talks in Geneva with China resulted in a mechanism to avoid escalation.”

Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Tuesday, according to FXStreet data. Palladium (XPD) changes hands at $951.00 a troy ounce, with the XPD/USD pair advancing from its previous close at $949.90.

The United Kingdom’s (UK) ILO Unemployment Rate edged higher to 4.5% in the three months to March after reporting 4.4% in the quarter to February, data published by the Office for National Statistics (ONS) showed on Tuesday. The market forecast was for a 4.5% reading in the reported period.

United Kingdom Claimant Count Rate declined to 4.5% in April from previous 4.7%

West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $61.53 per barrel, down from Monday’s close at $61.60.

United Kingdom Average Earnings Including Bonus (3Mo/Yr) came in at 5.5%, above forecasts (5.2%) in March

United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) registered at 5.6%, below expectations (5.7%) in March

United Kingdom Claimant Count Change came in at 5.2K below forecasts (22.3K) in April

United Kingdom Employment Change (3M) declined to 112K in March from previous 206K

United Kingdom ILO Unemployment Rate (3M) in line with expectations (4.5%) in March

Several European Central Bank (ECB) policymakers told Reuters on Tuesday that the “ECB review will largely endorse past policies, including quantitative easing (QE), despite some policymakers' criticisms.”

Citing a White House executive order, Reuters reported on Tuesday that the US will cut "de minimis" tariffs on China shipments from 120% to 54%, with a minimum flat fee of $100 to remain.