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Dollar Heads Toward Weekly Gain As Oil Shock Reveberates


Friday, 24 April 2020 09:17 WIB

DOLLAR


The dollar was headed for its best week since early April on Friday, as tumbling oil prices weighed on commodity currencies and division over Europe's emergency fund dragged on the euro.

The dollar stands near a two-and-a-half week high against a basket of currencies and is 0.8% stronger for the week. It is up nearly 3% against the oil-sensitive Norwegian krone and about 1% on the euro.

Morning moves were modest and led by a drift lower in the Australian and New Zealand dollars as traders were unnerved by inconclusive results from a Gilead antiviral drug trial and looking to headlines for further direction.

The Aussie and kiwi each shed about 0.2%, holding the kiwi below 60 cents at $0.5987 and the Aussie at $0.6356, beneath resistance around 64 cents.

Both had rallied through those levels overnight as markets shrugged off dire economic news in Europe and the United States and commodity prices forged ahead.

The euro fell to a one-month low of $1.0756 on Thursday, and was drifting back to test that level on Friday after the European Union agreed to build a trillion euro emergency fund, but left the details for later.

Source : Reuters


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