Dollar hits 11-week high, oil prices slump

Dollar hits 11-week high, oil prices slump

The dollar hit an 11-week high Tuesday on growing expectations U.S. interest rates will rise in December, while crude prices retreated on concerns a proposed cut by the world's largest oil exporters might not be enough to reduce a global supply glut.
Stocks on Wall Street opened lower and European shares retreated, as crude oil fell and pulled the UK benchmark FTSE 100 equity index .FTSE down after it set a record intraday high that was helped by more further sterling weakness.
The British pound has lost more than 4 percent of its value against the dollar over the past week as investors... read more

11 October 2016 in World News, Views: 34
Source: Reuters

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