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31 August 21

Dollar Up, but Near Two-Week Lows as Fed Taper Uncertainty Continues

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 Down, Braces for Biggest 2021 Monthly Loss as OPEC+ Preps Meeting

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 Inches Closer to Entering India With Four Models Approved

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.

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