SHANGHAI, Aug 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The dollar weakened on Tuesday after US President Donald Trump criticised Federal Reserve Chairman Jerome Powell for the central bank's rate hikes. The Fed has raised benchmark interest rate targets six times since Mr Trump took office in January 2017, compared to just twice for his predecessor Barack Obama.
The dollar index settled at 95.238 after it fell to 95.07, its lowest since August 9.
Base metals, except for nickel, rose across the board overnight. LME zinc surged over 2%, lead jumped 1.7%, tin and copper went up over 1%, aluminium edged up 0.29%. SHFE zinc and tin increased over 1%, lead went up 0.83%, copper gained 0.6%, aluminium inched up 0.48%.
The American Petroleum Institute (API) reported a draw of 5.17 million barrels of US crude oil inventories for the week ended August 17. The API reported a buildup of 3.66 million barrels of crude oil in the previous week. API gasoline inventories for the week lost 930,000 barrels after it shrank 1.56 million barrels a week ago.
Market participants should monitor US existing home sales in July, weekly crude oil inventory data from the Energy Information Administration (EIA), August meeting minutes of the Fed and US-China trade talks.