The USD/KRW pair gained 0.8%, making the won the weakest major Asian currency

The dollar edged higher against major currencies on Monday, while the won led losses across Asian currencies and the yen weakened after giving back part of its recent intervention-driven gains.

Investors looked ahead to inflation data for new clues on the central bank’s rate path. The US Dollar Index advanced 0.18% to 99.72, hovering near its lowest level since June 2.

Friday’s weak US jobs report reduced expectations for a central bank rate hike in September. The country’s economy unexpectedly shed jobs in July, while previous months’ payroll gains were revised sharply lower.

Markets now price around a 44% chance of a September move, down from 67% a week ago.

Higher oil prices added to pressure on the currency, with Brent crude rising toward $84 a barrel as uncertainty over the reopening of the Strait of Hormuz kept energy supply concerns in focus.

The USD/KRW pair gained 0.8%, making the won the weakest major Asian currency in early trade.

The yen has dropped nearly 0.5% against the dollar this month after adding 3.2% in July.

The Australian dollar remained under pressure ahead of the Reserve Bank of Australia’s policy decision on Tuesday. The AUD/USD pair dropped 0.14% to $0.7058, while the NZD/USD pair declined 0.2% to $0.5884.

The RBA is widely expected to keep its key rate at 4.35% on Tuesday. Investors will focus on the bank’s guidance for clues on the outlook for rates and inflation.

The USD/CNY pair edged 0.05% higher to 6.7464, while the USD/SGD pair gained 0.13% to 1.2796.

The USD/INR pair added 0.03% to 95.226, while the USD/THB pair slid 0.08% to 33.005.