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Euro falls slightly against the dollar to US$1.5679 as oil prices level off

Euro falls slightly against the dollar to US$1.5679 as oil prices level off

The euro fell slightly against the U.S. dollar in Monday afternoon trading, as oil prices leveled out somewhat from last week's record highs.
The 15-nation euro fell to US$1.5679 in afternoon European trading, from US$1.5768 in New York late Friday.
A weak dollar helps send oil prices higher by enticing overseas buyers armed with stronger currencies to buy oil priced in dollars. In Europe, light, sweet crude for July delivery was down US$1.99 (euro1.27) to US$135.55 (euro86.36) a barrel, after a more than 8 percent jump at the end of last week.
The upward swing in crude began after European Central Bank President Jean-Claude Trichet suggested Thursday the ECB could increase interest rates in July to counter rising inflation.
"Trichet has managed what no war, no hurricanes, no OPEC has ever managed to do," analyst Olivier Jakob from Petromatrix in Switzerland said in a market report.
Jakob said Trichet's statements "shocked the financial system," after which oil prices, which had fallen to around US$122 (euro77.81) a barrel early last week, "reversed course violently."
In other currencies, the British pound rose to US$1.9757, from US$1.9713 late Friday, while the dollar bought 106.12 Japanese yen, up from 105.10 yen in New York.


Updated : 2020-12-02 02:34 GMT+08:00