The dollar reversed Thursday’s gains and headed for its biggest weekly loss in almost 10 months amid thin volumes as resource-sensitive currencies gained after oil advanced.
AUD/USD down 0.1% to 0.7449. Australian dollar trades lower against Japanese yen in early Asia dealing in risk-off response to North Korea’s weekend testing of a medium-range ballistic missile.
EUR/USD built upon gains to reach 1.1212, the highest since the post-election high of 1.1300 on Nov. 9, which now marks the next target for the pair; Germany is said to push for Bundesbank President Weidmann to replace ECB head Draghi when his term expires, Der Spiegel reported.
USD/JPY dropping ~0.1% to 111.40; still, traders say they see leveraged interest to chase the yen higher as the market has become sensitive to headlines and risk sentiment is vulnerable
USD/CAD trading near recent session low of 1.3514, the lowest in more than 3 weeks, amid gains in WTI crude oil, which is rising on hopes of an OPEC accord next week.
NZD/USD climbs 0.2% to 0.6936
WTI Crude +2.1% to $50.41/bbl; Oil extended gains after Saudi Arabia’s energy minister said all producers participating in a deal to limit output agree on extending the cuts by nine months.
Benchmark iron ore rises 1.8% to $62.68/MT
Gold +0.7% to $1,255/oz (range $1,246-$1,258)
Copper +1.8% to $5,682/mt