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Sunday, April 21 2024
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US dollar falls amid diving oil

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New York: The US dollar decreased against most major peers on Friday as plunging oil prices raised market demand for safe-haven currencies, including the Japanese yen and Swiss francs.
Oil prices declined sharply on Friday, with both the US oil and Brent crude slumping over three percent, after government data showed a rise in the US crude stockpiles.

The yen and Swiss francs climbed 0.55 percent and 0.26 percent respectively against the greenback during the session, as the falling oil renewed market worries about global economic growth, triggering demand for safe-haven assets.

The dollar index, which measures the greenback against six other currencies, was down 0.33 percent at 96.634 in late trading, reports Xinhua.

On the economic front, the consumer price index (CPI) for all urban consumers was unchanged in January on a seasonally adjusted basis, the US Labour Department reported on Friday.

The index for all items less food and energy percent increased 0.3 in January, which has increased 2.2 percent over the past 12 months. This is its highest 12-month change since the period ending June 2012, and exceeds the 1.9 percent average annualized increase over the last 10 years.

In late New York trading, the euro rose to $1.1132 from $1.1092 of the previous session, and the British pound increased to $1.4352 from $1.4321. The Australian dollar went down to $0.7143 from $0.7154.

The dollar bought 112.51 Japanese yen, lower than 113.57 yen of the previous session. The greenback moved down to 0.9895 Swiss franc from 0.9953 Swiss franc, and rose to 1.3781 Canadian dollars from 1.3740 Canadian dollars.

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