Dollar Gains, Oil Starts To Restore – 17 September, 2019

Oil markets are slowly recovering from the weekend price spike caused by attacks on Saudi production plants, with the dollar holding near a seven week high versus the yen. Against the dollar, the British pound also held a seven week high, gaining 0.6% to $1.2497, its highest since mid July. Against the yen, the dollar was steady at 108.10 yen, a shade lower than the seven week high of 108.37 yen. Saudi Arabia stated that it has tapped inventories to make up for lost supplies, causing prices to dip 6%. The euro was flat at $1.1072, the Australian dollar dipped 0.7% to $0.68605, and the dollar index was 0.02% lower to 98.242 against a basket of six major currencies.