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The Indian Rupee (INR) strives to regain ground against the US Dollar (USD) on Wednesday. The USD/INR pair is almost flat, close to its all-time high of 95.70, even as the increase in import duty on Gold and Silver to 15% from 6% by the Indian government.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $86.28 per troy ounce, down 0.34% from the $86.57 it cost on Tuesday.

The Australian Dollar (AUD) trades higher against its major currency peers, flattening against the US Dollar (USD) around 0.7240, during the European trading session on Wednesday.

Commerzbank’s economists, led by Dr. Henry Hao, note that India’s April Consumer Price Index (CPI) rose 3.5% year-on-year, marking a fifteenth month below the Reserve Bank of India's (RBI) 4% mid-point target.

The New Zealand Dollar (NZD) is showing the weakest performance of the G8 currencies on Wednesday, heading lower for the second consecutive day against a stronger US Dollar (USD), with NZD/USD bears testing the bottom of the weekly range at 0.5930 at the time of writing.

Rabobank’s Senior Macro Strategist Bas van Geffen notes that concerns over the Middle East and the closure of the Strait of Hormuz have pushed Oil prices higher, with Dated Brent moving above $111.

The Eurozone industrial sector activity rises steadily by 0.2% in March, slower than 0.3% estimates, according to data published by Eurostat. February’s Industrial Production data was revised lower from 0.4%.

Dow Jones futures move little around 49,850 during the European hours on Wednesday, ahead of the United States (US) regular opening. Meanwhile, the S&P 500 advance 0.24% to near 7,440, and the Nasdaq 100 futures rise 0.71% toward 29,400.

Gold (XAU/USD) maintains its offered tone through the first half of the European session on Wednesday and currently trades just below the $4,700 mark, though it lacks bearish conviction.

Societe Generale strategists observe that GBP/USD (Cable) selling has stalled as UK political uncertainty persists, with Prime Minister Starmer facing a potential leadership challenge.

UOB strategists Quek Ser Leang and Lee Sue Ann note USD/JPY remains underpinned after a volatile session that saw a spike to 157.76 and a brief drop to 157.04 before closing at 157.61. Intraday, the pair could edge higher but is expected to stay below 157.95.

The US Dollar (USD) maintains its immediate bullish trend against the Swiss Franc (CHF) intact for now, with the pair standing comfortably above 0.7800, after bouncing at lows near 0.7760 last week.

According to the International Energy Agency (IEA), the world oil supply to fall by 3.9 million barrels per day (bpd) in 2026 assuming the oil flows from the Strait of Hormuz, a critical passage to almost 20% of global energy supply, will gradually resume from June (prev. forecast 1.5 million bpd fa

ING’s Chris Turner highlights that EUR/USD three‑month implied volatility trades well below realised and near the lower end of its five‑year range, pointing to a range‑bound environment.

Deutsche Bank’s Jim Reid notes that higher Oil prices and hawkish US inflation data created a challenging backdrop for equities.

West Texas Intermediate (WTI), futures on NYMEX, corrects to near $97.20 during the European trading session on Wednesday. The Oil price gives back some of its recent gains as escalating hawkish Federal Reserve (Fed) bets have raised concerns over the oil demand outlook.

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

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the second successive day, trading around 98.40 during the European hours on Wednesday.

OCBC’s Christopher Wong notes the US Dollar (USD) strengthened after hotter United States (US) Consumer Price Index (CPI) data lifted UST yields and revived Fed hike expectations, with focus now on US Producer Price Index (PPI).

Danske Research Team highlights that EUR/GBP moved higher as United Kingdom (UK) political uncertainty intensified. Over 90 MPs called for Prime Minister Starmer to resign and several ministers and aides stepped down.

Commerzbank highlights that Brent crude surged 3.4% to around USD107.77 as supply disruptions in the Persian Gulf intensified. Satellite imagery shows Iranian exports from Kharg Island nearly halted, with tankers used as floating storage.

GBP/JPY pares its daily gains, trading around 213.60 during the Asian hours on Wednesday.

The EUR/GBP cross loses momentum to near 0.8660 during the early European trading hours on Wednesday. The Euro (EUR) weakens against the British Pound (GBP) due to fears over the Eurozone's economic exposure to energy shocks from the Middle East and stalled US-Iran peace negotiations.

UOB strategists Quek Ser Leang and Lee Sue Ann see AUD/USD consolidating after a brief dip to 0.7209, with intraday trade expected between 0.7215 and 0.7255. The firm underlying tone suggests the pair could edge higher in the coming 1–3 weeks, though gains are seen limited below 0.7280.

The US Dollar (USD) is practically flat against the Canadian Dollar (CAD) on Wednesday, hovering at a short distance from the four-week high, at 1.3724.

The Japanese Yen (JPY) trades lower against the US Dollar (USD) during the European trading session on Wednesday, with the USD/JPY pair edging higher to near 157.70.

MUFG’s Michael Wan describes how a stronger US Dollar environment emerged as United States (US) April Consumer Price Index (CPI) surprised to the upside and US yields climbed.

The GBP/USD pair trades on a positive note around 1.3550 during the early European trading hours on Wednesday.

Danske Research Team notes global equities slipped modestly, with the S&P500, Nasdaq and Russell2000 all lower. Semi-conductors in the S&P500 underperformed after a strong prior run, while defensive sectors such as healthcare and staples led gains.

Commerzbank strategists note that USD/INR climbed to a new record high as elevated global Oil prices and firm domestic Dollar demand from importers weigh on the Indian currency.