The dollar weakened and developing-nation currencies rose after U.S. jobs data damped speculation that the Federal Reserve will raise interest rates this month. Oil surged, then pared gains as Saudi Arabia’s energy minister released details of talks with Russia.
The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, fell 0.2 percent as of 5 p.m. New York time. The measure slid as much as 0.5 percent on Friday following the release of the payrolls data, before erasing its decline as investors weighed the significance of the revised July figures.
Leaders from the world's top economies broadly agreed at a summit in China on Monday to coordinate macroeconomic policies, but few concrete proposals emerged to meet growing challenges to globalisation and free trade.
At the two-day gathering in the scenic Chinese city of Hangzhou, the world's most powerful leaders also agreed to oppose protectionism, with Chinese President Xi Jinping urging major economies to drive growth through innovation, not just fiscal and monetary measures.
"We aim to revive growth engines of international trade and investment," Xi said in a closing statement. "We will support multilateral trade mechanisms and oppose protectionism to reverse declines in global trade."
Brent oil halted a two-day advance as talks between Russia and Saudi Arabia over ways to stabilize the crude market fell short of an output freeze.
Futures in London slipped 0.3 percent after gaining 4.8 percent over the previous two sessions. The contract rose as much as 5.5 percent on Monday as news broke Saudi Arabia and Russia would make a “significant” joint-statement on the oil market at the G20 summit in China. Prices pared gains as the two nations stopped short of announcing concrete steps to limit output.
Brent for November settlement lost as much as 20 cents to $47.43 a barrel on the London-based ICE Futures Europe exchange and was at $47.49 at 9:25 a.m. in Tokyo. The contract rose 80 cents to close at $47.63 on Monday. The global benchmark crude traded at a $1.81 premium to West Texas Intermediate for November.
Reference: Bloomberg, Reuters
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