The EUR/USD rose the most in almost two weeks as the conflict in the Gaza Strip drove up oil prices. Higher oil prices add concerns about the economic slump in the U.S., which is the world’s largest energy-consuming country.
Crude oil February futures rose for a third day after rising 0.7% to $40.30 a barrel yesterday. After the U.S. currency weakened against 14 of the 16 mostactive currencies, analysts said they expect the conflict between the Israelis and Palestinian will continue to exert pressure on the USD.
The currency also fell against the JPY before the U.S. housing and manufacturing reports this week, that may show the economy slid further into recession. The EUR/USD is up 1.3%, which is the biggest rise since December 17th. The pair trades currently around 1.41 after touching a day-high of 1.4364 yesterday. The USD/JPY also fell to 90.27 from a day-high of 90.96. The USD decreased 0.8% to 1.4512 against the GBP and 0.9% versus the CHF.
Crude oil February futures rose for a third day after rising 0.7% to $40.30 a barrel yesterday. After the U.S. currency weakened against 14 of the 16 mostactive currencies, analysts said they expect the conflict between the Israelis and Palestinian will continue to exert pressure on the USD.
The currency also fell against the JPY before the U.S. housing and manufacturing reports this week, that may show the economy slid further into recession. The EUR/USD is up 1.3%, which is the biggest rise since December 17th. The pair trades currently around 1.41 after touching a day-high of 1.4364 yesterday. The USD/JPY also fell to 90.27 from a day-high of 90.96. The USD decreased 0.8% to 1.4512 against the GBP and 0.9% versus the CHF.
Probability Professor