2017.05.2519:43:00UTC+00Dollar Stable as Oil Currencies Slide in Wake of OPEC Meeting

The dollar firmed versus a basket of currencies of oil-exporting countries after the result of the latest OPEC meeting caused crude prices to edge down.

Global prices fell 5 percent in the wake of OPEC's meeting in Vienna, even as the producer cartel and its ally crude-producing countries renewed a deal to continue limiting production into March 2018.

The U.S. dollar strengthened versus the Canadian dollar by 0.6 percent, 0.7 percent versus the Russian Rubble and 0.9 percent compared to the Norwegian krone.

The dollar index which measures the greenback's strength against six of its major peers fell 0.04 percent to 97.197 after sliding as low as 96. 88 earlier. But the WSJ Dollar index, which measures the U.S. currency against 16 other currencies rose 0.2 percent to 88.78. Investors are still weighing in the outlook for higher U.S. short-term interest rates.

Minutes from the Fed's latest policy meeting revealed policymakers generally believe they should postpone hiking rates until it was certain that the recent U.S. economic slowdown was transitory, but still indicated that a hike was coming soon.

Back to news list