Dollar falls against commodity currencies on extended sentiment

11.05.2021 - Davydova Maria
Dollar falls against commodity currencies on extended sentiment

The dollar fell against commodity currencies on Tuesday on expectations for additional gains in the price of oil and metals.

Against the loonie, the dollar stood at 1.2097, near its lowest in over three years. The dollar also fell to a near two-week trough against the Mexican peso.

The Aussie climbed to $0.7836, close to an 11-week high. The kiwi was quoted at $0.7267, close to its highest level since late February.

Investors are expecting commodities demand to increase as COVID-19 vaccine programmes allow more countries to return to normal economic activity.

Supply constraints for several commodities also suggest that prices could stay elevated for an extended period, making some commodity currencies performing well against the dollar.

The pound stood at $1.4130, near its strongest since Feb. 25 as Britain reopens its economy. The euro rose to 1.2137 against the dollar, while the yen was flat at $108.87. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?