What you need to take care of on Wednesday, August 31:

The dismal market mood eased early on Tuesday, although investors are far from optimistic. The greenback shed some ground throughout the first half of the day, particularly against high-yielding rivals, but posted a comeback during US trading hours, edging higher against most major rivals but the EUR.

The EUR/USD pair settled at around 1.0010, marginally higher for a second consecutive day, as odds for a 75 bps rate hike in September continued to increase. Several European Central Bank officers are jawboning on moving faster with quantitative easing to tame inflation. German CPI jumped by 7.9% YoY in August, according to preliminary estimates, while the EU will release inflation figures on Wednesday.

The GBP/USD pair, on the other hand, fell to a fresh two-year low of 1.1620, ending the day a handful of pips above the level.

Commodity-linked currencies suffered the most amid weaker oil and gold prices.  The AUD/USD pair struggles around 0.6860, while USD/CAD topped at 1.3107, now trading a handful of pips below such a high.

The bright metal trades near its August low at $1,720.28 and is technically poised to extend its slump. Crude oil prices fell on news that Iran and the US have reached an agreement on the Iranian nuclear deal that would be announced in two or three weeks. Furthermore, Tehran reported exports had not been affected by political clashes in Baghdad. The barrel of WTI currently trades at $91.70.

USD/CHF is marginally higher and trades around 0.9730, while USD/JPY is little changed on a daily basis hovering around 138.60.

Asian and European indexes posted modest intraday gains, but Wall Street turned south and closed in the red, with major indexes shedding roughly 1% each.

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