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FX Daily Snapshot
The US dollar has continued to trade at weaker levels overnight after giving back all of its gains yesterday following the release of the stronger NFP report on Friday. The dollar index has fallen to a low overnight at 101.54 as it moves further below the high from Friday at 102.36. The US dollar has been undermined in part by the sharp ongoing adjustment lower for energy prices this month. The price of Brent has fallen back towards USD90/barrel for the first time since the end of August. For this month as a whole, the price of Brent has now fallen by around 23% which is the sharpest sell-off since between May and June. The worst performing G10 currency during that period was the Norwegian krone which has again underperformed this month. The sharp ongoing adjustment lower for energy prices has been encouraged by renewed investor optimism over progress towards a US-Iran deal following the US mid-term elections. Investor optimism over a deal was encouraged further overnight by comments from President Trump who told reporters that “Iran, militarily, is effectively over”. It followed a meeting earlier in the day between President Trump and Qatari Prime Minister Mohammed bin Abdulrahman Al Thani who later posted that he was “grateful for the positive discussions on reaching a deal and bringing peace to the region”.
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Dollar weakens against euro, yen as Iran talks lift risk appetite
The âdollar strengthened against âmajor âcurrencies on Tuesday after hotter-than-expected U.S. inflation data bolstered â expectations âthat the Federal Reserve â would raise interest rates next month.
Data from the U.S. Labor âDepartment showed that the Consumer Price Index âincreased 0.4% last month, exceeding the consensus forecast of a 0.3% â gain in a Reuters âpoll of economists.
The âdollar extended its gains against a basket of â currencies after the report.
The euro was â down 0.33% â against the dollar at $1.1186. The dollar gained 0.39% âto 158.54 âagainst the Japanese yen. Against the Swiss franc, the dollar rose 0.41% to â0.823 franc.
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