Dollar Dips as Oil Eases and Yen Rallies on Intervention Remarks
· Business · LiveMint, Economic Times
The dollar declined on Friday as global crude prices slumped more than 2%, though it remained on track for a second consecutive weekly advance driven by growing rate hike bets. The yen rallied following remarks from Japanese officials confirming that Tokyo and Washington remain steadfast to the stance behind July's joint currency intervention. Meanwhile, the dollar index fell 0.3% to 100.95, marking its biggest daily percentage drop in about three weeks. The euro rose 0.15% to $1.1396 but headed for its third straight weekly decline. Expectations for a Federal Reserve rate hike at the October meeting rose to 66% according to CME FedWatch data, up from 58% a week earlier.
Why it matters
Fluctuations in the dollar and currency markets impact global import costs, commodity pricing, and foreign exchange reserves for emerging economies.
Read the original report — LiveMint
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