Greenback dips against key crosses ahead of G-20 meeting
During Friday’s Asia trade, the greenback dropped against the major Japanese currency and the euro, as nervous traders are waiting for a meeting of the world’s top finance governors over the weekend in China.
The evergreen buck dived to ¥112.66 after the recent advancement to ¥113.22. Apart from that, the US dollar slumped against the euro. That asset grew from $1.1024 to $1.1059.
A typical measure of the major American currency against a basket of world currencies, the WSJ Dollar Index traded at 89.20, a 0.19% decrease.
Market sentiment improved, when American shares and oil prices went up overnight. As for crude oil prices, they soared after Venezuela’s oil minister told the country would have a meeting with Saudi Arabia, Russia and Qatar to stabilize crude oil markets.
Evidently, the pickup in the market mood helped some traders to close out their yen-buying positions, thus bringing the greenback above the ¥113-threshold early during Asia trade. The Nikkei Stock Average leapt 1.2% midday.
However, market participants avoided making big moves ahead of the gathering of finance ministers as well as central bankers from the Group of 20 word’s largest economies on Saturday and Friday, in Shanghai.