The dollar was up on Tuesday morning in Asia but remained near two-week lows. Moves were mostly light as August draws to a close, with the latest U.S. jobs report, including non-farm payroll numbers, due later in the week.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.01% to 92.662 by 10:28 PM ET (2:28 AM GMT).
The USD/JPY pair inched down 0.05% to 109.87.
The AUD/USD pair inched down 0.01% to 0.7293, after peaking at $0.7317 last Friday. The NZD/USD pair was up 0.38% to 0.7025.
The USD/CNY pair inched up 0.04% to 6.4684. China released lower-than-expected economic data earlier in the day, with the manufacturing purchasing managers’ index (PMI) at 50.1 and the non-manufacturing PMI at 47.5 in August. The offshore Chinese yuan remained close to its three-week high of 6.4595 hit on Friday.
The GBP/USD pair inched up 0.05% to 1.3765.
The greenback clawed back some of its losses after U.S. Federal Reserve Chairman Jerome Powell did not provide a firm timetable for asset tapering to begin beyond hinting that it could begin within 2021.
Oil was down Tuesday morning in Asia, set for its biggest monthly loss since October 2020. The Organization of Petroleum Exporting Countries and allies (OPEC+) is expected to boost production further when it meets later in the week. U.S. Gulf Coast crude output is also slowly being restored after Hurricane Ida blew through the region during the weekend.
Brent oil futures were down 0.44% to $71.91 by 11:28 PM ET (3:28 AM GMT) and WTI futures fell 0.46% to $68.89.
OPEC+ will convene on Wednesday, where it is expected to boost supply by a further 400,000 barrels per day as the fuel demand outlook continues to improve.
In the Gulf of Mexico, although crude producers are expected to gradually resume service after Hurricane Ida, local refineries are expected to take longer.
Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day.
It has been a roller-coaster month for the black liquid as investors reacted to global COVID-19 outbreaks involving the Delta variant and equal volatility in the dollar.
Tesla (NASDAQ:TSLA) is closer to making its official debut in India after it received approval to make or import four models in the South Asian nation.
Tesla has had its vehicles certified as being roadworthy in India, a posting on the website of the nation’s ministry of road transport and highways showed.
“The tests ensure the vehicle matches the requirements of the Indian market in terms of emission and safety and road worthiness,” according to the site. A Tesla fan club earlier tweeted about the development, saying the cars were probably Model 3 and Model Y variants.
Gaining a foothold in the Indian car market won’t be easy considering EVs account for only 1% of the nation’s annual car sales and Tesla’s automobiles are very expensive. Scant charging infrastructure and a lack of financing for companies wanting to develop electric cars are other reasons why India is behind in the electric shift.
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services