Wednesday, with wage growth lagging inflation, the British pound collapsed towards a massive four-week low against the euro. The former settled at 90.14 pence (0.6% lower compared to the previous session) touching its weakest point since October 20, 2017.
The dollar, on the other hand, closed in the green zone. Data showing a 0.2% increase in retail sales in the U.S. gave the greenback the boost it needed so much. The dollar index climbed by 0.1% towards 93.75. Against the Japanese yen, the dollar soared by 0.35% towards 113.1 closing above the 113-level.
Versus its American counterpart, the euro fell to 1.181 from 1.186. The strengthening of the dollar negatively affected the common currency.
The international benchmark, Brent crude futures, settled at $61.89 per barrel, 2 cents higher than their previous settlement.
The United States West Texas Intermediate held firm and traded at $55.33 a barrel, the same as the previous session.
The OPEC deal to cut production helped the black gold preserve its strength in spite of the rise in U.S. crude inventories of 1.9 bpd in the week ending on November 10. All in all, American inventories had an approximate buildup of 459 million barrels.