Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

FOREX-Dollar edges down from highs as oil slides, pound stuck near 2-month low

Published 21/06/2017, 10:19 am
FOREX-Dollar edges down from highs as oil slides, pound stuck near 2-month low
EUR/USD
-
USD/JPY
-
DX
-
LCO
-
CL
-
US10YT=X
-
DXY
-

* Dollar index edges away from 1-month highs

* Crude oil tumble depresses US yields, weighs on dollar

* Pound slides to 2-mth low with higher rate hopes doused

By Shinichi Saoshiro

TOKYO, June 21 (Reuters) - The dollar edged back from one-month highs against a basket of currencies early on Wednesday as a tumble in crude oil prices pushed down U.S. yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike.

The dollar index against a group of major currencies was a touch lower at 97.719 .DXY .

It had gone to a one-month high of 97.871 on Tuesday as expectations that the U.S. Federal Reserve, which hiked interest rates last week, would tighten policy again in 2017 had energised dollar bulls.

The greenback's advance, however, stalled as the dollar-supportive bounce in U.S. Treasury yields ended overnight.

The 10-year Treasury note yield US10YT=RR fell sharply on Tuesday, reversing a large portion of the gains it made when the Fed left the door open for another rate increase this year, following a big drop in oil prices.

"Lower crude prices weaken inflationary pressures and in turn arrest the rise in U.S. yields," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

"U.S. inflation indicators have not been strong to start with. Now that oil is falling, it could add further pressure to the dollar by weakening sentiment towards the U.S. energy sector."

The dollar was down 0.1 percent at 111.320 yen JPY= , off a near one-month peak of 111.790 touched on Tuesday.

The euro was steady at $1.1137 EUR= .

The pound was little changed at $1.2634 GBP=D3 . The currency had slid 0.9 percent overnight and plumbed a two-month trough of $1.2603.

Sterling took a hit after BoE's Carney said on Tuesday that now was not the time to raise UK interest rates. Last week three out of eight BoE policymakers voted in favour of a rate hike and raised hopes for a near-term tightening. GBP/

Oil fell about 2 percent on Tuesday, with Brent settling at seven-month lows, after increased supply from several key producers overshadowed high compliance to an output cut deal among OPEC and non-OPEC oil producers. O/R

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.