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The dollar was headed for its best week as low oil prices weighed on commodity currencies.
The dollar index is nearing more than a two-week high after gaining 0.8% this week. It is up almost 3% on the oil-sensitive Norweigan Krone and 1% on the euro.
The Australian and New Zealand dollars each lost 0.2%, trading at $0.6356 and at $0.5987, respectively.
The euro plunged to a one-month low after it closed at $1.0756 on Thursday after division on the EU’s trillion euro fund weighed on it.
According to the European Central Bank, the EU's GDP is set to contract by 15%.
On Friday, the euro stood at $1.0776, while the pound steadied at $1.2352. The Japanese yen slipped to 107.70 against the dollar.
Jan Vlieghe of the Bank of England said that the global economy is faced with a bigger contraction than anything in the past centuries.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
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 ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
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