Dollar Range-Bound as Oil Transit Exceeds Estimates

The US dollar's performance against G10 currencies has been mixed as of August 13th. Despite a constructive price action yesterday, there hasn't been significant follow-through buying today. The currency pairs are mostly stuck in narrow ranges.

A notable development is the Strait of Hormuz oil transit numbers. Energy Secretary Wright reported that almost 9 million barrels of oil per day transited through the strait over the past week, exceeding estimates of 4-5 million barrels from tracking flows.

The US dollar has edged higher against the Indian rupee today. The upcoming July PPI report is also on the radar, with yesterday's tick lower in year-over-year CPI pace still lingering in investors' minds.