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USD Falls to 3-Month Lows | Oil Steady Ahead of Inventory Data
Published December 28, 2017
The US dollar continued to fall this morning in light trading after US Unemployment data disappointed, though some suggest that the official signing of the tax overhaul may have contributed as well. Strong prices for copper and crude are also continuing to support commodity-linked currencies
Copper prices have reached the highest levels in almost 4 years after China temporarily halted production at its top producer to help fight pollution. Earlier this month the second-largest producer in China was asked to similarly curb production
Gold prices are approaching $1,300 USD per troy ounce as weakness in the greenback is making the precious metal more affordable to foreign buyers
Oil prices are down slightly this morning ahead of inventory data due at 11:00AM EST, though they are still likely supported by news of an explosion on a Libyan pipeline earlier this week. WTI crude is down 0.18% to $59.53 with Brent crude down 0.14% to $66.35 at the time of writing