NZD: NZD/USD - Breaks 0.5800 As USD Surges On Strong Data

Oil prices sank on Tuesday on wariness over the most recent attack on the Fed’s independence. Not only has President Trump constantly pressured Chair Powell to cut rates, but on Tuesday he removed Governor Cook. She has said he doesn’t have the authority to fire her. The USD index fell 0.2% in response.

• Oil prices are down on the week but levels are still above last Thursday’s low and Wednesday’s close. WTI fell 2.3% to $63.31/bbl to be down 7.2% in August. It reached a low of $63.13 late in the US session. It is currently trading around $63.37. Initial support is $61.29, with resistance at $66.56.
• Brent was down 2.3% to $67.23/bbl after a low of $67.11 and is now 6.2% lower this month. Tuesday’s move affirms the existing bear cycle. Initial support is at $65.01, while resistance is at $69.98.
• Bloomberg reported that US crude inventories fell 1mn barrels last week with a 500k drop at Cushing, according to people familiar with the API data. Products were also lower with gasoline down 2.1mn and distillate 1.5mn. The official EIA data is out on Wednesday.
• The US Department of Homeland Security issued a notice that India will face a 25% punitive tariff as of Wednesday because it continues to purchase Russian oil. There are concerns that global supplies will be materially impacted if it is extended to China and enforced. However, as many trade threats have been delayed or withdrawn, India continues to buy Russian crude.

• Vietnam To Sell VND 0.5Tln 2030 Bonds; (TD2530010)
• Vietnam To Sell VND 8.5Tln 2035 Bonds; (TD2535028)
• Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
• Vietnam To Sell VND 2.5Tln 2040 Bonds; (TD2540037)
• Thailand to Sell THB20bn of 2035 Bonds 
• Thailand to Sell THB7bn of 2072 Bonds
• Bank Indonesia to Sell 32D SUVBI Bills
• Bank Indonesia to Sell 182D SUVBI Bills
• Bank Indonesia to Sell 273D SUVBI Bills
• Bank Indonesia to Sell 91D SUVBI Bills
• Bank Indonesia to Sell 367D SUVBI Bills
• Singapore to Sell S$2.5 Billion Bonds Due 2030
• Philippines To Sell PHP 25.0Bln 2050 Bonds (PH0000059891)
• Philippines To Sell PHP 10.0Bln 2028 Bonds (PIBD0728D649)

source:   Bloomberg Finance LP / MNI