After edging up fairly sharply in Asian trading, the U.S. dollar suffered a setback by noon, but recovered swiftly to rise above the flat line.

The dollar’s movements against most of its peers were somewhat narrow amid a thin economic calendar.

The dollar index, which rose to 100.05 from a low of 99.65, was last seen at 99.96, up 0.18% from previous close.

The dollar was little changed against the Euro, at $1.0863, after closing at $1.0875 on Friday. The euro area trade surplus increased in February as exports increased from January amid a fall in imports, first estimate from Eurostat showed.

The trade surplus rose to a seasonally adjusted EUR 25.8 billion in February from EUR 18.2 billion in January.

The euro area current account surplus rose to EUR 40 billion in February from EUR 32 billion in January, the European Central Bank reported.

Against Pound Sterling, the dollar firmed up to $1.2477, gaining from $1.2499.

The greenback gained against the Japanese currency with a unit fetching 107.76 yen, compared to 107.54 yen on Friday.

The dollar lost ground against the Aussie at $0.6387, driftind down from $0.6366.

Against Swiff franc, the dollar was up at CHF0.9680, rising from CHF0.9666, and against the loonie, it gained sharply following a historic plunge in crude oil prices. The dollar was trading at C$1.4124 in late afternoon trades today, compared to C$1.4001 on Friday.

Crude oil’s plunge today came despite a historic production cut aimed to backstop prices by Russia and other oil-producing nations.

Earlier this month, OPEC and its allies finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, to boost prices amid the coronavirus pandemic.

The International Energy Agency has warned that the output cuts may not be enough to offset a severe plunge in oil demand. The IEA expects a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years.


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