The U.S. dollar gained against the euro on Thursday as price swings in crude-oil futures continued to dictate the direction for currency markets.On Thursday, the dollar EURUSD, +0.1440% appreciated against the euro, which fell to $1.1101 in late trade in New York from $1.1124 late Wednesday.
“Euro has been used as a funding currency, so when oil prices rally euro falls, as happened today,” said Neil Mellor, chief currency strategist at BNY Mellon.
However, the buck USDJPY, -0.31% edged lower against the yen, trading at ¥113.24 late in New York, compared with ¥114.13 late Wednesday in New York.
“The Japanese yen strengthened sharply over the past several weeks and it was a one-off flow due to flight to safety. It would take greater confidence for the dollar to recover to ¥115-¥116 levels,” Mellor said.
The ICE Dollar Index DXY, -0.09% a measure of the dollar against a basket of major currencies, was up 0.1% at 96.88.
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