Dollar nears three-week high as oil prices drop
The dollar was headed for its best week as low oil prices weighed on commodity currencies.
The dollar index is nearing more than a two-week high after gaining 0.8% this week. It is up almost 3% on the oil-sensitive Norweigan Krone and 1% on the euro.
The Australian and New Zealand dollars each lost 0.2%, trading at $0.6356 and at $0.5987, respectively.
The euro plunged to a one-month low after it closed at $1.0756 on Thursday after division on the EU’s trillion euro fund weighed on it.
According to the European Central Bank, the EU’s GDP is set to contract by 15%.
On Friday, the euro stood at $1.0776, while the pound steadied at $1.2352. The Japanese yen slipped to 107.70 against the dollar.
Jan Vlieghe of the Bank of England said that the global economy is faced with a bigger contraction than anything in the past centuries.
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