The Greenback traded lower against the yen and a basket of other major currencies early Monday, as traders failed to get some signals from speeches by global central bank officials. The U.S. dollar was also affected by the economic impact of the massive Hurricane Harvey in Texas. On the release front, the U.S. core price data and the U.S. preliminary GDP will be released this Wednesday, and reports on August payrolls on Friday.
The single currency hit a 2-1/2year high as the Dollar weakened after the ECB president refrained from talking down the Euro and giving any fresh indication as to when the ECB could wind down its stimulus program. The common currency rose as much as 0.14%, to settle at $1.1942. No important reports are due from the Euro-zone economy today.
The Sterling pound was little changed vs. the Greenback and settled at $1.2907, after touching a 13-day peak of $1.2946.
The Greenback fell dramatically and traded under pressure vs. the JPY in the absence of any relevant direct monetary policy related remarks by Fed. Chair Janet L. Yellen. The pair settled at¥109.16.
Gold prices rose to its highest in over 2-1/2 years on Monday, extending gains from the previous session, backed by weaker dollar as central bank chiefs ignored policy discussions in their speeches at world's central bankers meeting in Wyoming.
Spot gold rose 0.2% to $1,293.96, after hitting its highest since 18th August at $1,294.88 earlier, while Gold Futures - Dec 17 rose as much as 0.18%, to settle at 1,300.25. Looking ahead, traders are awaiting Friday’s U.S. jobs report to gauge how it will influence the course of the Federal Reserve’s policy.
Earlier today, Oil markets were troubled after Hurricane Harvey ravaged the U.S. Gulf coast over the weekend, hitting several refineries and some crude production. According to a U.S. Bureau of Safety and Environmental Enforcement survey, oil and gas companies have closed down about 25% of oil and gas production in the Gulf of Mexico, which is about 5% of nationwide output. Crude Oil WTI Futures - Oct 17 fell as much as -0.36%, to settle at $ 47.70, while Brent Oil Futures rose as much as +0.33%, to settle at $52.15.
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