Greenback goes down on soaring commodity currencies

Greenback goes down on soaring commodity currencies

On Wednesday, the evergreen buck declined versus a basket of currencies and also dived against the common currency in thin holiday trade. Meanwhile, a soar in commodity prices helped to push the Canadian as well as Australian dollars to their highest value in two months.

Market participants told that there was little news to back the euro's ascend, although some traders have hinted at a probable strengthening in the euro into the new year after a stellar 2017 in which the common currency had its best year versus the US dollar since 2003.

As for sterling markets, they were quiet – the British pound gained 0.1% being worth $1.338.

On Tuesday, crude had soared to 2-1/2 year maximums, underpinned by news of an explosion on a Libyan oil pipeline and also voluntary OPEC-led supply cuts. On Wednesday, copper leapt to their highest value for three and a half years.

The greenback went down 0.1% versus a basket of key currencies hitting 93.193.

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