Dollar Succumbs to Emerging-Market Peers as Oil Whipsawed at $45
- Payrolls report continues to reverberate on U.S. holiday
- Saudi energy minister says no need to freeze output now
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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 greenback fell against most of its major peers, with South Africa’s rand and Asian currencies among the biggest beneficiaries. The MSCI Emerging Markets Index capped its biggest two-day advance in almost a month, while European stocks hovered at a four-month high. The pound climbed after a gauge of U.K. services jumped the most on record, and the yen retreated. Financial markets in Canada, India and the U.S. were shut for holidays.