Oil And Dollar March in Step Again After Trading at Odds: ChartBy
The correlation between Brent crude, the benchmark for more than half the world’s oil, and the dollar has turned positive for the first time in five months. The two typically move at odds, with a stronger greenback reducing the appeal of dollar-denominated raw materials and a weaker U.S. currency having the opposite effect. The Bank of Japan’s decision to opt for limited stimulus expansion that disappointed some investors boosted the yen and pulled down the dollar while ample oil stockpiles dragged crude lower.
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