Rise in Oil Prices Supported Commodity Currencies
The US dollar fell against the basket of major currencies and declined against the euro in a holiday trade, while rising commodity prices helped raise Canadian and Australian dollars to the highest levels in recent weeks. The Australian dollar rose by 0.6% to $0.7777, the highest in two months. The British pound has strengthened due to the wide depreciation of the US dollar. The pound rose by 0.3% to $1.3428, the highest since December 15.
The explosion on the Libyan pipeline is a key factor in the growth of oil prices. Today, the price of oil is slightly reduced, but in general it remains stable. WTI crude oil is trading at around $59.50 against $58.50 last week.