Dollar Falls as Rate Expectations Fall
Today in our fundamental analysis: today is a very quiet one in terms of data releases. It has been a calm session in global financial markets this morning. Asian stock markets have mainly been moving sideways, though slightly in the green.
- The dollar index against a basket of six major currencies was a fraction lower at 97.239 (DXY), adding to Friday’s losses when it fell 0.4 %.
- Against the USDJPY, the Dollar was down 0.1% at 111.23, taking another step away from a near one-month high of 111.790 touched last Tuesday.
- GBPUSD was 0.2 % higher at $1.2745, its strongest in six days. The euro traded at $1.1194, slowly recovering from its three-week low of $1.1119 touched on Tuesday.
- Oil prices rose more than 1 % early on Monday on a weaker dollar, but another rise in U.S. drilling activity stoked worries that a global supply glut will persist despite an OPEC-led effort to curb output.
- Brent crude futures rose 0.5 % to $45.78 per barrel from seven-month lows of $44.35 hit last week.
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