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US dollar's movements split on forex markets

Friday, September 30, 2016 - 06:34
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The US dollar fell slightly against the euro on currency markets on Thursday but gained against the yen and the pound.

[NEW YORK] The US dollar fell slightly against the euro on currency markets on Thursday but gained against the yen and the pound.

Analysts pointed to rising crude prices but falling stock markets as countervailing pressures on the greenback.

Toward 2100 GMT, a euro was worth US$1.1223, up from US$1.1217 on Wednesday. But the dollar rose to 101.04 yen, up from 100.70, and the pound fell to US$1.2968, down from US$1.3022.

Deutsche Bank's share price lost 7 per cent on Thursday following reports that hedge funds had withdrawn money from the bank. Partly as a result, US stocks finished in negative territory, with the Dow Jones Industrial Average losing more than 1 per cent.

"US equities are down and I think the dollar lost of a bit of ground because of that," said Nick Bennenbroek of Wells Fargo.

However, oil futures have gained 7 per cent in New York since members of the Organisation of the Petroleum Exporting Countries reached an agreement to cut production.

"A sustained rise in crude oil is marginally positive for the dollar as it could signal an improvement in the global financial market backdrop that has long been a concern for Fed officials," Omer Esiner of Commonwealth Foreign Exchange wrote in a client note.

AFP