Monday, due to devastating damages brought by Hurricane Harvey that caused extensive flooding in Houston as well as shutting down refineries; prices of oil in the United States have been rising and have ascended to approximately more than 6%, touching their highest level in more than two years.
In accordance to this, Futures RBc1 have gained their highest level since late July 2015 and traded at $1.7799 per gallon, which was 7% higher from their last close. Gasoline margins RBc1 and CLc1 leaped to a high of $19.91 a barrel which was 18.2% higher from their previous close. The United States HOC1 prices were also boosted by as much as 3% reaching a high of $1.6681 per gallon
The euro already gained momentum against the greenback after Federal Reserve Chair, Janet Yellen, remained silent regarding the United States monetary policy at Jackson Hole. The euro touched an approximate high of two-and-a-half year against its American counterpart. The common currency was 0.15% higher against the greenback and traded at $1.1934 EUR=, this is after climbing to $1.1966.
Last week, on Friday, the euro had already achieved a rise of about 1% after European Central Bank’s President, Mario Draghi, gave a speech at Jackson Hole which focused on topics such as global trade but did not relate to the currency’s (euro) recent strength. Masafumi Yamamoto, the chief forex strategist at Mizuho Securities, said that the market was not expecting Mario Draghi to talk about the euro at Jackson Hole. Masafumi also added that even if he had, the common currency would still have risen.