Forex News | Dollar VS Oil

Dollar rallies to one-month high on Oil drop and Confidence rise

News and Events:

The Dollar soared to a one-month high against a basket of currencies on Tuesday, benefiting from a steep drop in oil prices and an unexpected rise in US consumer confidence.

Analysts said Merrill Lynch's announcement late on Monday of yet another write-down and capital-raising exercise also helped support the Dollar, as they raised hopes the turning point in the yearlong credit crisis was close.

Oil fell as low as 120.42 yesterday before ending only $2.5 down at 122.19. A decline in oil prices tends to benefit the Dollar, as it eases some of the growth concerns.

Second-quarter US GDP on Thursday and Friday's US non-farm payrolls figures for July will be the market's main focus later this week.

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