Dollar Rises Vs. Main Rivals As Stocks, Oil Rebound

15/01/2016 09:25 AST

Russian ruble, Brazilian real trim losses from earlier in the week

The U.S. dollar edged higher against its main rivals Thursday as oil prices stabilized, reviving investors' appetite for risky assets like stocks and commodity-linked currencies and dampening demand for haven assets like the yen.

One dollar bought Yen118.14 Thursday, compared with Yen117.41 late Wednesday in New York. Meanwhile, the euro traded at $1.0863, compared with $1.0883 Wednesday, and the pound traded at $1.4408, compared with $1.4410.

Although the dollar and oil have recently traded in an inverse relationship, plunging crude prices, discouraging Chinese economic data, and a declining yuan had helped to amplify investors' worries about slowing global growth. As a result, risky assets like global equities and the currencies of developing economies have recorded drastic declines in the year so far.

While typically not considered a risk asset, the dollar had weakened against the yen and the euro as speculators unwound bets on commodity-linked and emerging-market currencies and bought back the euros and yen used to fund those positions.

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