Greenback struggles amid oil-price uncertainty
On Thursday, in Asia trade, the major US currency stood still against the euro and the yen, as most market participants avoided making big moves despite improved sentiment.
The greenback traded at ¥113.95, that’s a bit higher than ¥113.82 on Wednesday, New York. The evergreen buck slightly dipped against the euro, which leapt from $1.1129 to$1.1139 on Wednesday. The euro surged from ¥126.68 to ¥126.92 against the Japanese yen.
A standard measure of the evergreen buck against a basket of key currencies, the WSJ Dollar Index, sagged 0.05%, heating 89.19. The Nikkei Stock Average, which soared after a recent oil bounce and revenues in American stocks overnight, slightly improved market sentiment.
Moreover, the benchmark Nikkei managed to grab up to 360.41 points, showing a 2.3% surge at 16196.80 on Wednesday.
The currency market has not seen a large-scale greenback buying along with euro and yen selling, that typically occurs when financial and geopolitical instability fades.
Taking into consideration the actual absence of a strict agreement as for production cut among oil-producers, oil-price uncertainty will most probably remain in the nearer future.