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Forex - Dollar broadly lower vs. rivals as oil edges higher

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Forex Pros - The U.S. dollar was broadly lower against its major counterparts on Wednesday, as oil prices edged higher, fanning concerns over the impact of rising energy costs on global economic growth.

During European afternoon trade, the greenback was slightly lower against the euro, with EUR/USD easing up 0.07% to hit 1.3916.

Earlier in the day, Portugal's government debt agency successfully sold EUR1 billion of two-year bonds but at sharply higher yields than at a previous auction in September.

The greenback was also lower against the pound, with GBP/USD rising 0.23% to hit 1.6197.

Earlier Wednesday, official data showed that the U.K. goods trade deficit contracted sharply in January, recovering from its worst reading on record in December.

Elsewhere, the greenback was down against the yen and the Swiss franc, with USD/JPY dipping 0.02% to hit 82.64 and USD/CHF tumbling 0.83% to hit 0.9274.

Earlier in the day, official data showed that Swiss consumer price inflation rose slightly more-than-expected in February. Elsewhere, government data showed that Japanese machinery orders rose by the most in five months in January.

Meanwhile, the greenback was down against its Canadian and Australian counterparts but up against its New Zealand cousin, with USD/CAD shedding 0.34% to hit 0.9679, AUD/USD rising 0.16% to hit 1.0114 and NZD/USD dipping 0.02% to hit 0.7392.

Earlier Wednesday, official data showed that Australian home loan approvals tumbled in February while a separate report showed that consumer confidence hit a nine-month low in March.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.17%.

Also Wednesday, official data showed that industrial production in Germany rebounded in January, as construction output improved after the weather-related slump in December.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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