Dollar slips from two-week high

Dhaka,  Monday,   2016-09-19
Published : 19 Sep 2016, 14:56:56

Dollar slips from two-week high

Dollar slips from two-week high
The dollar fell from a two-week high on Monday, with a stronger oil price the chief theme in a market battening down the hatches ahead of central bank policy meetings in Japan and the United States.

Commodity-linked currencies including the Canadian, Australian, and New Zealand dollars were all half a per cent higher in early trade in Europe as crude rose 1.5 per cent on the back of speculation about OPEC production controls.

Moves in the euro, yen, and dollar were limited, with investors eyeing the chances of a shift in the Bank of Japan's policy toolkit and a US Federal Reserve statement that points more clearly to a rise in interest rates this year.

Expectations of a rise in US rates this week have steadily evaporated, prodding the dollar lower until Friday's stronger-than-expected inflation data. But there is speculation that officials will start the ball rolling for a December move.

"We believe there is very little downside risk left to the dollar from here," said Manuel Oliveri, a strategist at Credit Agricole in London.

The dollar index .DXY, which measures its value against a basket of six major currencies, fell 0.2 per cent to 95.888 =USD, according to Reuters.

- TM
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