Dollar recovers and touches two-week high against the safe-haven yen

Thursday, after touching its weakest point in two-and-a-half years against a group of its major currency rivals, the U.S. dollar was able to regain its strength and hit a two-week high against its Japanese counterpart. This is after robust United States economic data reinforced investor’s expectations for a positive job report this week.

Against the safe-haven yen, the greenback closed at ¥110.545, its strongest point since August 16. The rally in the dollar came right after the Commerce Department revealed that the U.S. economy grew at an annual rate of 3.0% in the second quarter, which is considered the fastest in more than two years.

Prices of gasoline touch two-year highs

the Harvey Hurricane caused almost a quarter of U.S. refineries to shut down. As a result, prices of gasoline sharply rose touching a two-year high on Thursday. With heavy concerns of shortage, United States gasoline prices RBc1 was traded at $1.935 a gallon.

On the other hand, crude oil prices have once again collapsed due to a sharp drop in demand. The United States West Texas Intermediate crude futures went down by 0.3% or 12 cents and were traded at $45.84 per barrel; Brent crude futures were traded at $50.67 a barrel, 0.4% or 19 cents lower.

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