Crude Hits Five Month High, Dollar Dips – 8 April, 2019

The dollar dipped on weak U.S. economic data for durable goods orders in the month of February, and fell to currencies that benefitted from rising oil prices. Against a basket of six major currencies, the dollar index fell 0.05 percent to 97.001, adding to the 0.35 percent it had lost the previous day to a low and biggest daily decline since March 20. The Australian dollar remained steady at $0.7128 after rising 0.3 percent the previous session. After ending a two day losing streak, the euro was flat at $1.1265 after advancing 0.4 percent the day before, while the pound gained 0.1 percent to $1.3078. Against the yen, the dollar dropped 0.1 percent to 111.37 yen. OPEC led cuts and U.S. sanction on Iran and Venezuela caused oil prices to reach a five month high, with the expectation that global supply would tighten.