I'm writing up the Asia forex wrap, but say this crossing via Reuters: U.S. gasoline futures surge after Harvey, euro holds gains on Draghi comments
Reuters summary of the session so far to open the week, in brief:
- U.S. gasoline futures hit a two-year high, up as much as 6.8% at one point
- Tropical Storm Harvey has knocked out a quarter of oil production from the Gulf of Mexico
- Asia-Pacific stock indexes got off to a subdued start ... MSCI's broadest index of Asia-Pacific shares outside Japan rose less than 0.1 percent, while Japan's Nikkei slipped 0.1 percent.
- Euro hit a 2-1/2-year peak, European Central Bank President Draghi refrained from talking it down ... Instead, Draghi said the central bank's ultra-easy monetary policy was working and the euro zone's economic recovery had taken hold.
- The dollar fell ... Federal Reserve Chair Janet Yellen ... also failed to address policy, focusing more on financial stability ... disappointed some investors who had hoped for hints on the Fed's plans for interest rates
- 10-year U.S. Treasury yield was at 2.1729 percent on Monday, from Thursday's 2.194, further undermining the dollar's yield appeal.
