Fluctuations of dollar affect global economy. Recently, the value of dollar climbed up against many major currencies. The year started off badly, but now dollar price has risen for the fifth time. The price of the dollar is now 96.161. Some officials had predicted two rises of dollar this year with one being near April of this year. So, things have come true after all. But this rise had a number of effects in the business world. These are mentioned below.
- The price of crude oil dropped below $40 a barrel. There has been a rally on making the price of crude prices more than $40 a barrel. This has led to the increase.
- The benchmark S&P 500 SPX went for more than 12%. The Dow Jones industrial average DJI rose by 0.08%. SPX dropped by 0.04% and IXIC increased by 0.1%.
- Most markets were closed on Friday due to Easter holiday, and so the volume was light across the markets compared to other days.
- The U.S. crude oil CLc1 dropped to $39.16 a barrel.
- The oil pullback has pressured European and U.S. equities.
- The index of world shares of MSCT went down by 0.57%.
Thus, it is clear that the dollars became stronger and the prices of oil dropped. The Gold XAU went up 15%. The copper is down 2%. Thus, you can see how a slight change in the value of dollar had on the entire business industry.