In currency markets, the dollar languished near the bottom of its recent range against major peers on Tuesday, knocked back by weak U.S. factory data overnight and on market wagers of faster normalisation of monetary policy in other countries.Westpac analysts said "any slippage should prove modest" with U.S. Federal Reserve officials continuing to signal a strong preference for moving ahead with a November stimulus tapering announcement.
The dollar index slipped 0.13% and was last at 93.83 near its lowest level this month, losing ground on sterling and the euro , though holding its position against the yen. U.S. Treasuries took a breather in early Asia. Overnight, five-year yields rose to their highest levels since early 2020 as traders positioned for expected central bank rate hikes.
Oil prices dipped from multi-year highs touched on Monday, also due to the fall in factory data, tempering expectations of demand, but high prices remain a concern for energy importing countries.Gold gained slightly with the spot price rising 0.2% to $1,767.9 an ounce, though the metal remained well within its recent range.
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