Dollar Languishes Near Three-Week Lows; Aussie At Seven-Week Highs
Published 2015-10-12 08:03:45| Amwal Al Ghad English
The dollar hovered near a three-week low versus a basket of major currencies on Monday, anchored by doubts that the U.S. Federal Reserve will raise interest rates by year-end. The dollar index, which measures the greenback's value against a basket of six major currencies, was last trading at 94.780. On Friday it had touched a low of 94.692 .DXY, its weakest level since Sept. 18. The euro edged up 0.1 percent to $1.1372 EUR=, having set a three-week high of $1.13875 EUR= on Friday. The dollar held steady against the yen at 120.21 yen JPY=. The greenback had retreated broadly last week, especially against commodity and emerging-market currencies.
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- Egypt's pound steady at auction and on parallel market
- Oil prices edge up on short covering, but oversupply still bites
- Dollar takes breather after Fed minutes back hike bets
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Get To Know
Prime Minister - Sherif Ismail Sherif Ismail, a career engineering technocrat with no history of membership in political parties, was sworn in as Egypt's new prime minister before President Abdel-Fattah al-Sisi Saturday morning. Ismail, who avoids media spotlight and rarely speaks in public on his political views, replaces Ibrahim Mahlab as prime minister. The new PM brought 16 new faces into the cabinet, retained 17 Mahlab picks, and merged or abolished some ministries bringing the total of portfolios to 33 down from Mahlab's 34. Ismail, who was born in 1955, graduated from the Faculty of Engineering at Ain Shams University in 1978. He worked briefly for the multinational oil company Mobil, before joining the Egyptian state-owned company Engineering for the Petroleum and Process Industries (Enppi) in 1979. Ismail served as minister of petroleum under Ibrahim Mahlab since 2014.
Crude oil futures eased on Thursday pressured by firmer U.S. dollar and supply surplus concerns on thin Thanksgiving trading, reversing from rises in the wake of a smaller-than-expected U.S. inventory build and a fall in U.S. oil rig counts. Brent lost 34 cents, or 0.74 percent, to $45.83 a barrel as of 0731 GMT. U.S. crude's West Texas Intermediate (WTI) futures had retreated by 10 cents at $42.94 a barrel after rising to $43.30 earlier the session. Oil has been weighed down by concerns of a supply glut as OPEC is determined to keep pumping oil vigorously to defend market share, alarming some of the grouping's weaker members who fear prices may slump further towards $20. U.S. crude was supported by the smaller-than-expected build in U.S. inventories, with stocks rising 1 million barrels in the week to Nov. 20 for a ninth consecutive weekly rise. This was below analyst expectations for a 1.2 million barrel rise, according to the U.S. Energy Information Administration. [EIA/S] "We expect inventories to continue to remain low with strong U.S. refinery utilization which was at 92 percent. U.S. crude production, on the other hand, seems to be continuing its decline," Daniel Ang at Phillip Futures said. "This will be ideal for prices in the longer run and if it continues, we should be seeing global oversupply easing." Analysts said U.S. crude was also boosted by a fall in oil rigs, a sign that drillers were waiting for higher prices before returning to the well pad. Drillers cut rigs for the 12th week in the last 13, data from services company Baker Hughes showed. In China, commercial crude oil stocks at the end of October fell 4.4 percent from the previous month in their biggest drop since at least 2010, the official Xinhua News Agency reported on Thursday. The dollar index, which measures the greenback against a basket of currencies, gained 0.02 percent at 99.813, making the currency-denominated oil futures more expensive to other currency holders. Asian shares advanced on Thursday, while the euro remained under pressure on growing bets that the European Central Bank will roll out more stimulus soon even as the U.S. Federal Reserve looks set to raise interest rates.
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