Breaking News

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.

Latest news

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

After the long collapse, the American labor market is achieving some relative recovery, as the number of added jobs yesterday reached 4,800 million jobs, which exceeded all expectations, and came as
07-2020 03 00:34:55

Beginning with the latest developments in commodities, the gold futures contracts started this morning with a rise of 0.70%, to be traded at 1784.56 dollars an ounce, after opening at 1771.61 dollar
07-2020 01 03:47:05

Oil prices continued to lose their losses after the recovery in demand decreased, due to the high number of injuries they suffer, and Brent crude fell by the same percentage 2%, which in turn pays to
06-2020 29 05:49:33

The US dollar concluded its research for the week, sticking to its gains, which means that the demand remains on the latter, and this is due to it being a safe haven in light of fears and concerns ab
06-2020 26 06:34:32

More News