Speculation that President Donald Trump might
choose former Fed Governor Kevin Warsh, who is considered more hawkish
than Yellen, to replace her as head of the central bank also boosted the
dollar.
The dollar notched up its best weekly
performance of 2017 last week, lifted also by a revival of the
“Trumpflation” trade on expectations Trump would deliver a stalled tax
reform plan.
Oil
prices fell after a Reuters survey found output from the Organization
of the Petroleum Exporting Countries (OPEC) rose by 50,000 barrels a day
last month.
Brent crude, the international benchmark, fell 40 cents a barrel to $56.39.
The
strong dollar helped drag gold down to its lowest in almost seven
weeks. The precious metal fell 0.6 percnet to $1,272 an ounce.
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