Wednesday, the United States dollar rose against its six major currency rivals. According to the dollar index, the greenback was up by 0.1% and was traded at 91.855, holding well above the currency’s two-and-a-half year low of 91.011 recorded on September 8, 2017. The dollar also stabilized against the Japanese safe-haven yen closing at 111.56 yen JPY=.
Investors are now waiting for the outcome of the current Federal Reserve’s meeting in which, it is expected, the central U.S. bank will reveal its policies to trim its $4.2 trillion in bond holdings. Analysts are also expecting the Fed to announce that they will reduce monthly bond purchases in October. Plans for an interest rate hike will be discussed on the Fed’s December 12 – 13 meeting.
Prices of oil rose on Wednesday right after Jabar al-Luaibi, Iraq’s oil minister, claimed that OPEC and other crude producers were considering the extension or even further tightening current production cuts to combat global oversupply.Brent crude futures, the international benchmark, were traded at $55.37 per barrel, 0.4% or 23 cents higher than their last close. United States West Texas Intermediate crude futures were traded at $49.81 a barrel after climbing by 0.7% or 33 cents.