Commodity currencies fell against their safe-haven counterparts on Monday after a record output cut settled upon by OPEC+ did not ease investor concerns over a declining global demand.
The Australian Dollar and the New Zealand Dollar, widely observed as a benchmark for market risk fell against the Greenback. This signaled concern over demand for commodities.
The Australian Dollar slipped by 0.17% to 0.6338 per dollar, retreating from a four-week high. The New Zealand Dollar fell by 0.21% to 0.6072 per Dollar.
The U.S. currency gained 0.63% to 10.25 against the Norwegian Crown and 0.51% to 23.45 against the Mexican Peso.
The Canadian Dollar stood at C$ 1.3956 against its U.S. counterpart. Meanwhile, the Swiss Franc steadied at 0.9661 per Dollar.
The output cut, agreed upon on Sunday by OPEC and its allies, was in a bid to bolster oil prices as the pandemic curbed global demand.
Currencies from major oil producers such as Norway, Mexico, and Canada bolstered last week when the output cut agreement was in its first stages. However, its gains were erased on the following Monday after market fears drove investors away from risk assets.
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices rose on Friday as the dollar dropped to a near two-year low, but demand worries amid rising coronavirus cases and the worsening U.S.-China tensions capped gains. Brent crude gained 0.4%, or 15 cents, at $43.46 per barrel. U.S. West ...