The dollar fell
The dollar fell, halting a two-day advance, on speculation Federal Reserve Chair Janet Yellen will stop short this week of affirming the central bank will raise interest rates by year-end.
The U.S. currency retreated against all of its Group-of-10 counterparts before Yellen speaks Friday at an annual symposium in Jackson Hole, Wyoming.
The Bloomberg Dollar Spot Index fell 0.2 percent as of 6:51 a.m. in London after rising 0.6 during the previous two days. The U.S currency dropped 0.2 percent to 100.11 yen and weakened 0.2 percent to $1.1338 per euro.
“The market believes that Yellen will not give any signal about the timing of the Fed’s next rate rise at Jackson Hole,” said Mansoor Mohi-uddin, a strategist at Royal Bank of Scotland Group Plc in Singapore. “This may keep the dollar capped this week, but we think a strong dollar rally is coming” as Fed officials including Fischer have signaled the prospect of renewed tightening this year, he said.
Oil prices fell
Oil prices fell on Tuesday, with Goldman Sachs warning that August's price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.
U.S. West Texas Intermediate (WTI) crude was down 40 cents, or 0.84 percent, at $47.01 per barrel.
Reference: Bloomberg,Reuters
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