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US dollar is at its highest level in a month, and tensions pushing oil higher

20 Jan 2020 12:33 PM

The dollar held close to a one-month high against a basket of currencies on Monday after data confirmed last week that the US economy was holding up well, while the Chinese yuan hit a six-month high of 6.8458.

On Friday, China recorded its slowest annual growth number for nearly 30 years, although December data showed business confidence revived and factory production accelerated.

Investors are focusing on Japan’s central bank meetings on Tuesday, and the European Central Bank’s meeting on Thursday.

Figures on Friday showed that home construction in the United States rose to a 13-year high in December, with retail sales increasing and manufacturing activity measuring to an eight-month high.

The dollar rose marginally against a basket of currencies, as the index reached 97.658. While it rose against the euro to its highest level in nearly a month, bringing the EUR / USD pair to the 1.1084 levels.

Also, the British Pound fell today to its lowest level in five days to 1.2961, down 0.3% per day, following the comments of British Finance Minister Sajid Javed at the weekend that Britain will not be obliged to abide by the rules of the European Union in trade talks after Britain's exit from the union European.

On the other hand, oil rose to its highest levels in more than a week in the wake of the closure of two large oil production bases in Libya amid a military blockade, which raised fears of low oil flows. After these rises, the prices returned to the opening levels, where US crude is currently at $ 58.80 a barrel and Brent crude at $ 64.50 a barrel.