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Commodity currencies recover ground after Doha meeting impact fades
Imaduddin
18 Apr, 2016
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Copyright Reuters, 2016
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![](https://i.brecorder.com/images/2016/04/dollar-april.jpg">NEW YORK: The US dollar edged higher against the yen and commodity currencies pared losses after traders viewed a strike by Kuwaiti oil and gas workers as supportive of oil prices and anticipated low volatility this week.</P><P>The dollar was last up 0.07 percent against the yen at 108.81 yen after slumping to a session low 107.81 yen, which was near a 17-month low of 107.61 yen touched a week ago.</P><P>The safe-haven yen had earlier rallied, while commodity currencies plunged, after a plan to cap oil production at current levels fell apart on Sunday when Saudi Arabia demanded that Iran join in at a meeting in Doha.</P><P>Benchmark Brent crude prices slid by as much as 7 percent in early trade as investors got their first chance to react to the news, but clawed back some losses and were last down 2.6 percent.</P><P>The strike in Kuwait, which was seen as limiting oil supply in the short term, and markets' expectation that the European Central Bank would not announce a surprise policy shift this week blunted the impact of the Doha meeting, said Richard Cochinos, head of European G10 FX strategy in London.</P><P>The strike in Kuwait led the OPEC member to reduce its crude oil output and refining production on Sunday. The ECB will meet in Frankfurt on Thursday.</P><P>)
