Oil prices pushed higher on Tuesday a day after slipping into a bear market, scraping back losses as bargain-buyers took advantage of a weaker dollar.
Asian currencies slumped Tuesday as an overnight selloff in oil hit sentiment, while the Australian dollar dropped after the central bank slashed interest rates to a record low.
Fading expectations of a U.S. interest rate rise this year hit the U.S. dollar and boosted stocks in Asia on Monday, although Shanghai equities took a hammering from weak Chinese manufacturing data.
Oil prices edged up in Asia on Monday as the U.S. dollar weakened while bargain-buyers moved in following a recent sell-off but analysts warned a global supply glut and weak demand will temper gains.
The U.S. dollar tumbled against the New Taiwan dollar Monday, shedding NT$0.286 to close at NT$31.640, its lowest level in a year, as funds from abroad poured into the region, dealers said.
Emerging market currencies jumped against the dollar on Monday as weak U.S. growth data torpedoed speculation of an interest rate hike this year.
Shares in Taiwan rose more than 1 percent Monday to close back above the 9,000-point mark as fading expectations of an immediate interest rate hike by the U.S. Federal Reserve led more investors to put money into the market, dealers said.
Beijing has criticized new European tariffs on Chinese steel as "unjustifiable" protectionism coming just weeks after commerce ministers from G-20 nations pledged to promote free trade.
World oil prices descended this week to their lowest levels for more than three months, rocked by renewed worries about a global supply glut and increased production.
European stocks and the U.S. dollar slid Thursday after the Federal Reserve held interest rates and indicated it would take a slow, measured approach to any hikes.