Dollar soars amid oil rout
The dollar and yen recorded an upbeat activity on Wednesday. Hefty gains were monitored as oil prices failed to relieve markets from anxiety and as the recent decline and slump in crude demand posed a weak economic outlook.
The greenback traded stronger than other commodity currencies affected by oil inactivity, ending its performance near a two-week high record. The active trading session followed after the U.S. West Texas Intermediate crude increased by 20%.
The sought-after Japanese yen was quoted at 107.83 per dollar. Both the yen and the dollar retained momentum against the oil-sensitive Canadian dollar and Norweigan krone. However, the Australian dollar struggled before completely hitting resistance at $0.6300.
Meanwhile, oil underperformance had increased risk appetite and curbed stock markets’ recovery, another factor which may drag the global economy further to a slowdown.