Dollar Slips Against Rivals on Dissapointing Oil Freeze

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dollar and oil

The U.S. dollar weakened against several major currencies on Tuesday, as expectations for an oil production cutback were crushed after Russia, Saudi Arabia, Qatar and Venezuela agreed to simply keep output in their current levels instead of completely scaling down production.

USD/JPY declined 0.76% to 113.74.

Meanwhile, markets are eagerly anticipating the release of U.S. manufacturing data, which is due later in the day in hopes that positive figures will help prop up the American currency.

EUR/USD rose by 0.17% to trade at 1.1176.

The euro gained after Mario Draghi, European Central Bank President, hinted at the possibility of additional measures, saying the central bank would not hesitate to act to boost euro zone growth and inflation.

Elsewhere, the American currency was weaker against the British pound, with GBP/USD rising 0.19% at 1.4463. It was, however, steady against the Swiss currency, with USD/CHF trading at 0.9868.

The British pound strengthened after an opinion polls revealed that there is huge support for the U.K. remaining in the European Union.

Elsewhere, the Australian dollar was higher against its American counterpart, with AUD/USD inching up 0.27% at 0.7158, while NZD/USD plunged 0.70% to 0.6601.

USD/CAD went down 0.36% to trade at 1.3788, as the upward trend in oil prices propped up the commodity-related Canadian currency.

The U.S. dollar index, which tracks the greenback’s position against a bunch of 6 trade-weighted currencies, was down 0.24% at 96.52.

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