US Dollar Climbs on Rate-Hike Bets; Oil Extends Rally

NEW YORK — The U.S. dollar rallied against the yen on Monday amid firming bets of a US interest rate hike later this year, while oil prices jumped nearly 3 per cent to extend recent gains as speculation grew that OPEC would try to restrain output.

US West Texas Intermediate (WTI) crude was up USD1.15, 2.8 per cent, at USD42.95 per barrel, while Brent crude rose USD1.05, by 2.4 per cent, to USD45.32.

The dollar edged up 0.2 per cent against a basket of currencies, rising for a fourth straight session. Against the yen, the dollar gained 0.7 per cent.

As emerging markets and stock in Asia rose, the MSCI World equity index rose 0.3 per cent, opposed by a dip in US equity indexes after the S&P500 and NASDAQ closed at new record highs Friday in the wake of a strong July US jobs report.

U.S. equities have pushed higher amid a better-than-expected corporate earnings season, and will take their cues this week from the results of several consumer companies.

The pan-European STOXX600 index slipped 0.1 per cent, as European bank stocks gained, helped by an upgrade for shares of Barclays.

Friday's employment report showed US nonfarm payrolls rose by 255,000 jobs in July, roughly 70 thousand jobs higher than the Reuters forecast of 180,000. Traders are now basically split on whether the Federal Reserve will raise rates at its December meeting, according to the CME Fedwatch tool.


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