Dollar weakens, oil prices fall on global markets

SARAJEVO, (Patria) - The value of the dollar against a basket of currencies continued to slide on the currency market, after falling last week for the first time in three weeks.

The dollar index, which shows the value of the US dollar against the other six most important world currencies, is hovering around 108.82 points, compared to 108.96 points on Friday evening.

The dollar's exchange rate against the Japanese yen rose from 142.50 to 142.75 yen.

However, the US currency weakened against the European one, with the euro reaching $1.0085, compared to $1.0045 on Friday evening.

The euro's move away from its 20-year low followed the European Central Bank's aggressive 0.75 percentage point increase in key interest rates on Thursday.

Oil prices, on the other hand, fell after a strong rally on Friday. This morning, the price of a barrel on the London market slipped by $1.3 to $91.55, while on the US market, a barrel fell by $1.28 to $85.50.

Asian stock markets rise at the start of the week

Stock prices rose on Asian stock exchanges on Monday, but trading volume was significantly lower than usual as several countries were closed for holidays.

The MSCI Asia-Pacific index, excluding Japan, was up 0.5 percent around 7:00 AM.

The Nikkei index on the Tokyo Stock Exchange strengthened by 1.1 percent, and stock prices in Australia also rose by more than 1 percent. Stock exchanges in South Korea and China were closed today due to holidays.

Asian investors were encouraged by the rise in stock prices on Wall Street on Friday, for the third consecutive day, although it is quite clear that the US Federal Reserve will continue to raise interest rates to curb inflation.

This week, investors' focus will be on the US consumer price report, which will be released on Tuesday and will show how much inflationary pressures have eased in August, given that fuel prices fell in that month.

Reuters poll of analysts estimates that inflation in August slipped to 8.1 percent year-on-year, down from 8.5 percent a month earlier.

The Tokyo Stock Exchange was also positively affected by the news of the easing of travel restrictions previously imposed to curb the coronavirus. Thanks to this, stock prices in tourism-related sectors rose significantly this morning.