The US Dollar Index hovered near a one-and-a-half-week high on Thursday, reflecting renewed strength in the greenback as currency markets stabilized after recent volatility.
The index touched 98.644, its highest level since April 13, and is on track for modest weekly gains of around 0.4 percent, marking a reversal after two consecutive weeks of declines.
The Euro weakened to $1.1712, after briefly hitting its lowest level in over a week, and is heading for its first weekly loss in four weeks. Meanwhile, the British Pound held steady at $1.3497, showing limited movement amid broader currency consolidation.
Commodity-linked currencies showed relative resilience. The Australian Dollar traded at $0.7165, while the New Zealand Dollar stood at $0.59045. Against the Japanese Yen, the dollar edged slightly lower by 0.02 percent to 159.48.
In commodity markets, oil prices moved lower after a strong rally in the previous session. Brent Crude slipped by 15 cents to $101.76 per barrel, having crossed the $100 mark a day earlier for the first time in over two weeks.
Similarly, West Texas Intermediate crude futures declined by 14 cents to $92.82 per barrel.
The pullback in oil suggests a temporary pause after recent gains driven by geopolitical tensions and supply concerns. However, prices remain elevated, indicating that underlying risks in energy markets continue to influence investor sentiment.
Overall, the stronger dollar combined with easing oil prices reflects a cautious but stabilizing market environment, with traders balancing geopolitical developments, currency movements, and commodity trends.
With inputs from WAM
