The euro rate rose slightly on Friday and thus stabilized after falling the day before to a nine-month low. In the evening, the common currency traded 0.3% higher at $ 1.1700. The euro rate fell to $ 1.166 on Thursday and was at its lowest level since November. More recently, the strength of the dollar had weighed on the common currency. The dollar is currently in demand as a safe haven alongside gold. Market watchers haven’t ruled out further gains in the US dollar. Commerzbank currency expert Thu Lan Nguyen spoke of “an initially rosy period for the greenback”.
The dollar was also supported by monetary policy in the United States. Although the economy of the world’s largest economy has lost some of its momentum, the central bank has continued to send signals in favor of an exit from extremely accommodative monetary policy. “This informed the minutes of the last meeting of the Fed’s monetary policy committee,” the Commerzbank analyst said.
Oil prices have fallen in commodity markets. North Sea Brent crude oil fell 2.1% to $ 65.05 a barrel. “The recent lockdowns in the world’s major economies have most likely had an impact on economic activity and growth forecasts for the coming months,” said Margaret Yang, strategist at Broker DailyFX. The demand for oil in countries like Japan, South Korea, Malaysia, the Philippines, Vietnam and Thailand could suffer. On a weekly basis, the price of North Sea crude oil has fallen by more than seven percent. The price of US oil has plunged more than 9% since Monday.
The price of gold rose at times as much as 0.5% on Friday to reach $ 1,788 per troy ounce.