Breaking News

Dollar hovers near 8-month low, oil stands tall

News Date: 12/4/2016 02:46:34
Update Date: 12/4/2016 03:09:16
The U.S. dollar continued to suffer from mounting expectations the Federal Reserve will not increase interest rates in its meeting this month or the next one, with investors selling the greenback for higher yielding assets like oil and metals futures which benefited from the weakness of the dollar.

The dollar index last traded at 94.00, up barely 0.02% on the day and not far from an eight-month trough high yesterday at 93.74. The dollar made further inroads against Japan's yen however, rising 0.36% to trade at 108.33, while the euro inched up 0.05% versus its U.S. partner to hover around 1.1412.

Oil prices on the other hand stood tall near multi-month highs hit yesterday, as investors keep the hope of a deal later this month to cap global production volumes in order to ease the persistent supply glut and buoy prices, despite Iran's disagreement of the proposed deal.

Brent crude futures last traded at $42.74 a barrel, down nine cents on the day, or 0.21%, near a multi-month high at $43.00, while U.S. crude futures gave up ten cents, or 0.17% to hover around $40.29 a barrel, firming above the important level of $40.

Investors wait for later data today, with Britain's CPI for March expected to pop up 0.3% y/y, same as February, which would be largely positive news for the royal currency.

From the U.S., import prices for March as well are expected to have jumped 1.0% m/m, compared to February's 0.3% dip, which would indicate higher inflation rates in the first quarter, helping the dollar.

Latest news

Oil still faces the challenges behind the imbalances between supply and demand due to the economic deterioration, as Brent crude futures rose 0.54% this morning to be traded at $ 43.12, while futures
07-2020 15 05:51:44

Advertising sources reported that the number of confirmed cases of Covid virus 19 reached 12 million and 800 thousand cases, as the largest number of infections was recorded with a total of 839,850 c
07-2020 13 03:43:07

On Friday, oil prices continued to harvest more losses, retreating to the lowest levels, with the high rate of coronavirus infections in the United States of America, and due to fears of isolation an
07-2020 10 06:16:09

Oil prices fell today, Wednesday, after the increase in crude inventories, which increases the fears of supply. Therefore, it is expected that US crude production will decline by 600 thousand barrels
07-2020 08 08:20:53

Corona virus infection in the United States of America reached its maximum, reaching two million, 840 thousand and 906 cases, according to the Centers for Disease Control yesterday, after it recorded
07-2020 06 00:36:17

More News