The US dollar fell on Monday, the center of attention – the US data and rising oil prices
The US dollar weakened on Monday as investors focused on the upcoming US data and the possible limitation of oil production by OPEC.
the WSJ dollar index, which reflects the value of the US currency against a basket of 16 currencies, fell 0.4% to 91.50.
US Dollar weakened against commodity currencies, falling to 0.7% against the Canadian dollar and 0.4% against the NOK.
Oil prices on Monday rose by 1.8%, while investors evaluate the possibility of reaching agreement on the OPEC production restrictions in the run-up to the meeting on Wednesday. The reduction of oil production is likely to support prices and growth rates will cause the oil-exporting countries, such as the Canadian dollar, Russian ruble and the Norwegian krone.
“All eyes will be on the OPEC meeting this week, investors want to understand how much can be cut oil production”, – said Brad Bechtel, a currency strategist at Jefferies Group.
Investors also will study US economic data this week, in particular the reports on GDP, industrial production and the labor market. Positive data will enhance market confidence in the appreciation of the US Federal Reserve interest rates in December.
The market has already accounted for 96% probability of rate hikes at the December meeting of the Federal Reserve, as shown by CME Group data.
Higher rates usually contribute to the growth of the dollar, making it more attractive to investors.
The euro / dollar was trading up 0.3% at 1.0608. ECB President Mario Draghi on Monday reiterated its call for the authorities to carry out reforms to improve economic growth in the euro area. According to Draghi, it would make monetary policy more effective.
Japanese yen higher against dollar 1%, recovering from the fall of 7% after the US presidential election.
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