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Dollar plummets to three-week trough

News Date: 16/8/2016 05:29:20
U.S. dollar skidded on Monday to its lowest in three weeks as the yen and European currencies surged, while odds lengthened further on any Federal Reserve's rate hike this year due to global risks.

The dollar index, which gauges the greenback against a bunch of six major peers, slumped to 94.91, down 0.70% on the day and having set a three-week low at 94.83, while yen surged to a month high to 100.23, up a strong 1.01% on the day.

Oil prices added to their gains on hopes of a global deal to curb or freeze production, with Brent crude futures up 25 cents, or 0.54% to $48.61 a barrel, while U.S. crude futures added 30 cents, or 0.68% to $46.04 a barrel.

Sterling also surged after surprising robust inflation data, with the CPI up 0.6% m/m in July, beating expectations of a 0.5% rise. The pound gained 0.73% against the dollar to 1.2974.

Investors now await a bunch of important U.S. data later, with consumer prices forecast to have stayed the same in July m/m, compared to June's 0.2% rise, which would lessen the chances further of a rate hike this year.

Industrial production is also expected to slow down in July to plus 0.2% m/m, down from June's 0.6% rise, which could add to pressures on the greenback today.

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