Euro rose in European trade against dollar for third straight session, marking two-month highs as the dollar weakens while long-term treasury yields decline as well, while prospects are changing for the ECB's monetary policy.
EUR/USD rose 0.3% to 1.1478, the highest since November 11, after closing up 0.7% yesterday, the second profit in a row, and the largest since November 26.
The dollar index fell 0.3% on Thursday, the third loss in a row, marking the third loss in a row, and hitting two-month lows at 94.71.
US 10-year treasury yields continue to tumble even as inflation spikes in the US to 1982 highs.
Fed members are repeatedly bolstering the case for multiple rate hikes in 2022, up to 4 hikes to control inflation but the dollar is nonetheless weakening.
In Europe, some analysts are expecting a rate hike in the last quarter of the year as inflation hit fresh record highs in December.
Oil prices rose on Wednesday, as the US dollar fell against most currencies, after the release of the US inventories data.
The Energy Information Administration reported today that the US crude inventories fell 4.6 million barrels to 413.3 million barrels during the past week, while analysts forecast a drop by 1.6 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 1.1 million barrels during the same period.
The dollar index fell against a basket of major currencies by 0.7% to 94.9 points as of 19:28 GMT, after hitting a high of 95.6 points and a low of 94.9 points.
WTI February futures rose 2% to $82.8 a barrel, as of 19:25 GMT.
Brent March futures rose 1.4% to $84.9 a barrel.
The US dollar fell against most currencies on Wednesday, after the release of US inflation data.
The US consumer price index rose by 0.5% in December, more than forecasts of 0.4%, and the core reading (excluding energy and food prices) rose 0.8%.
Based on the data, the US consumer price inflation rose to 7%, which is the highest level in the US since 1982.
Federal Reserve Chairman Jerome Powell said yesterday that the central bank is ready to accelerate rate hikes to ease the rising inflation.
US President Joe Biden commented on the data, saying that it is a sign of the slowdown in the pace of price increases during the past month.
The dollar index fell against a basket of major currencies by 0.7% to 94.9 points as of 19:38 GMT, after hitting a high of 95.6 points and a low of 94.9 points.
Gold prices rose on Wednesday, as the US dollar fell against most currencies, after the release of US inflation data.
The US consumer price index rose by 0.5% in December, more than forecasts of 0.4%, and the core reading (excluding energy and food prices) rose 0.8%.
Based on the data, the US consumer price inflation rose to 7%, which is the highest level in the US since 1982.
Federal Reserve Chairman Jerome Powell said yesterday that the central bank is ready to accelerate rate hikes to ease the rising inflation.
The dollar index fell against a basket of major currencies by 0.7% to 94.9 points as of 19:54 GMT, after hitting a high of 95.6 points and a low of 94.9 points.
Gold spot prices rose 0.5% to $1,827.9 an ounce, as of 19:55 GMT.