The U.S. dollar extended its gains against the euro, but surrendered earlier gains against the yen and the pound as Nymex-traded crude oil futures clung to the $45-a-barrel level and the U.S. Energy Information Administration said oil supplies will outpace demand through 2016.The pound GBPUSD, +0.01% hit a low of $1.5076 after price-inflation data for the U.K. registered the weakest reading in 14 years. It recovered to $1.5152, flat compared to its level of $1.5172 Monday afternoon, after the U.S. Energy Information Agency said oil prices will likely remain subdued through 2016, which weighed on the dollar.
Falling oil prices and a dour supply outlook also dragged the dollar USDJPY, -0.83% lower against the yen. The dollar traded at ¥117.7400, compared with ¥118.35 late Monday in New York.
The ICE Dollar index DXY, -0.15% which measures the greenback’s strength against a trade-weighted basket of six rival currencies, rose 0.35% to 92.2980.
In other currency trading, the dollar rose USDNOK, -0.07% to 7.76 Norwegian krone, compared to 7.75 Monday afternoon.
The Canadian dollar continued to USDCAD, +0.27% trade flat against the dollar despite the falling oil price.
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