Business news live: Oil slumps on China travel curbs, strong U.S. dollar
Singapore (Aug 9) Dollar hits four-month high on euro as markets bet on earlier Fed taper
The dollar on Monday reached a four-month high versus the euro, as traders positioned for an earlier tapering of Federal Reserve stimulus.
The greenback strengthened as far as $1.1742 to the single currency, extending a 0.6% pop from Friday, when a strong U.S. jobs report stoked bets that a reduction in asset purchases could start this year and higher interest rates could follow as soon as 2022, Reuters reported.
The dollar index, which tracks the U.S. currency against six rivals, rose to a two-week top 92.915.
Traders will be keenly watching a U.S. consumer price report on Wednesday, the report noted.
9:00 A.M.
Asia shares spooked by sudden slide in gold
Asian shares wobbled on Monday amid sharp losses in gold and oil prices.
Sentiment was shaken by a sudden dive in gold as a break of $1,750 triggered stop loss sales, a Reuters report noted.
Brent sank nearly 2% on concerns the spread of the Delta variant would temper travel demand.
TheHindu NewsDesk
