1. Euro Continues To Rally Against A Weaker Dollar
The euro continued to edge higher today against a weaker dollar on Friday morning. EUR/USD peaked in early morning hours to as high as $1.2075 as of 7:40 GMT. It is important to note that the common currency has been rallying since Thursday, following a hawkish report from the European Central Bank. Meanwhile, the dollar slumped against its major rivals after some weaker than expected data. Against the yen, the dollar continued to trade almost flat today, after plumbing a six-week low of 111.05 yen on Thursday.*
2. Oil Slips From 3 Year Highs
Oil prices slipped away from their December-2014 highs this morning. It should be noted that oil prices hit their highest levels since December, 2014 on Thursday. Analysts continue to point out that overall market conditions remain strong however. Oil prices are expected to be supported by the ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
3. Dollar Slips To 4-Month Lows Ahead of U.S. Data
The dollar was seen trading near four-month lows against other major currencies on Friday morning, as Thursday’s weaker-than-expected U.S. economic reports continued weigh.The dollar came under pressure after the U.S. Department of Labor reported on Thursday that initial jobless claims increased to 261,000 last week, compared to expectations for a drop to 246,000. Investors will also be looking closely at the release of key U.S. retail sales and inflation data due later within the day. It should be noted that stronger than expected readings could provide some support to the plummeting dollar.
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