U.S. dollar trading at 7-month low areas

U.S. dollar at 7-month lows vs. counterparts

The U.S. dollar traded at 7-month lows versus its major counterparts, amid Europe, Canada, and the U.K central bankers indicating that they would soon aim for tighter monetary policy.

U.S. dollar index at 95.48

The U.S. dollar index traded at 95.48, 0.33% lower. The EUR/USD pair reached the 1.1424 zone rising 0.41% after Mario Draghi, ECB President, stated that they would soon start unwinding the quantitative easing scheme.

The EUR/JPY approached the 128.32 zone appreciating 0.45%, the GBP/USD aimed at 1.2985 escalating 0.46%, the USD/CAD reached 1.3011 declining 0.2%, and the USD/JPY to 112.48 rising 0.17%.

Oil escalates to 2-week highs

During the early European trading session, oil prices climbed to 2-week highs increasing gains for the sixth straight session amid the government data in the U.S. reporting the largest weekly drop in the domestic production of crude.

The U.S. WTI crude for August contract aimed at $45.12 a barrel appreciating approximately 0.9% or 38 cents and Brent oil for delivery in September approached $47.91 a barrel rising 0.8% or 37 cents.

Gold higher in early EU session

The precious metal, gold, traded higher during the early European trading session, upon the dollar extending its recent drop reaching its weakest zone since the month of October.

Gold futures in Comex climbed 0.3% or $3.60 to $1,252.69 a troy ounce, and silver futures went to $16.84 a troy ounce rising 0.7% or 12.0 cents.

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