ASX edges higher, dollar hangs onto gains

The news: The benchmark ASX 200 finished slightly higher on Tuesday, up 0.2% to 7,206.90. The All Ordinaries also gained 0.2%. The Aussie dollar has been trading within a range since its Monday rally, and is buying 64.3 US cents. Oil prices have continued moving slowly upwards, with Brent crude fetching USD90.56.

The numbers: Energy stocks lost 1.43%, led by Woodside (-1.49%) and Santos (-1.28%), the latter announcing a USD850 million ($1.3 billion) bond offering to US investors. Materials lifted 0.89% on the back iron ore prices, which have rallied more than 3.5% this week to 5-month highs.

The context: Tomorrow the High Court will hand down its decision on the legality of Qantas' move to sack and subsequently outsource 1700 ground and baggage workers during the depths of the COVID-19 pandemic. Monthly GDP figures for the UK are due tomorrow afternoon, with US CPI data to follow in the evening.