FTSE 100 goes up, as strong greenback brings commodity shares down
On Monday, British shares seesawed, with commodity stocks struggling as the American dollar strengthened.
The FTSE 100 gained 0.1%, being worth 6,824.45, though darting between moderate losses and profits. The index on Friday descended 0.2% and concluded the week with a 0.8% loss, the first weekly descend for three weeks.
On Monday, stocks of miners and also crude companies descended as the greenback gained ground against its counterparts. The US dollar was bolstered by comments from Fed Vice Chairman Stanley Fischer on Sunday. The statesman told that the Fed is close to its objectives, suggesting that the major bank might be able to increase interest rates soon.
The U.S. Dollar Index soared 0.5%, hitting 341.77. As the US dollar ascended, dollar-denominated prices for crude as well as most metals found themselves in the red.
Copper prices lost 1%, silver descended 2%, while Brent crude tumbled almost 2% under $50 per barrel.