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India's fuel demand rose 2.8 percent in August compared with the same month last year.
Consumption of fuel, a proxy for oil demand, totalled 17.04 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Sales of gasoline, or petrol, were 8.9 percent higher from a year earlier at 2.57 million tonnes.
Cooking gas or liquefied petroleum gas (LPG) sales increased 13.0 percent to 2.40 million tonnes, while naphtha sales surged 3.7 percent to 1.15 million tonnes.
Sales of bitumen, used for making roads, were 23.8 percent up, while fuel oil use edged lower 15.9 percent in August.
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I posted earlier on The 3 reasons EUR has bottomed against the USD and yen
An alternative viewpoint is for euro to fall.
Via Citi:
- in the near term, euro area activity remains very weak
- inflation low
- ECB may prepare another round of easing, probably at the 12 September, including more QE
More QE means, says Citi:
- a negative net supply dynamic in the EA bond market
And, thereofe:
- we lower our EUR/USD forecast 0-3m target from 1.12 to 1.08 level.
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The yen was weaker on Wednesday as a cautious risk-on mood dampened safe haven demand, while the euro was steady ahead of the upcoming European Central Bank meeting on Thursday.
ECB policymakers are widely is expected to unveil a fresh wave of stimulus measures to shore up growth and inflation in the euro area economy, which has been hit by the escalating U.S.-China trade war and Brexit.
The ECB could set the tone for upcoming rate-setting decisions by the U.S. Federal Reserve and the Bank of Japan next week, and for the broader global risk appetite.
But concerns have been building that global central banks are reaching the limits of their stimulus options, especially those with negative interest rates and sub-zero long-term sovereign bond yields.
"Given the chance that the ECB fails to match market expectations for easing policy, the balance of risks favors higher EUR/USD and European FX outperformance," ING forex strategists said in an overnight note.
The was little changed against the U.S. dollar at 1.1043 by 02:38 AM ET (06:38GMT).
The dollar pushed higher against the , climbing 0.25% to 107.78.
Much of the positive mood in recent days has been driven by optimism that high-level talks between U.S. and Chinese negotiators next month can deliver some sort of trade-war breakthrough.
That was tamped down somewhat by White House trade advisor Peter Navarro on Tuesday, when he urged patience about resolving the two-year trade dispute between the world's two largest economies and said to "let the process take its course."
The British pound has managed to hold on to last week's gains after British parliament passed a law compelling Prime Minister Boris Johnson to seek a delay to the Oct. 31 date for leaving the European Union. last traded at 1.2365.
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AUD/USD trades at fresh six-week highs as we begin European trading
The aussie got a boost earlier from the headline pertaining to China here and that saw AUD/USD hit a high of 0.6885 briefly. Currently, price is challenging resistance around 0.6880 from the 50.0 retracement level as seen above.
It has been a solid run for the pair over the past week and buyers don't look like they are letting up just yet.
The 100-day MA (red line) @ 0.6907 remains the key level to watch in all of this as a break above that will see buyers start to exert more control over the pair in the bigger picture. That will potentially put 0.7000 back on the map with the Fed to come next week.