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Commodity currencies recover as oil prices rise

28 Jun 2022 12:51 PM

The commodity-linked currencies succeeded in showing some recovery during today's trading, benefiting from the stability of global oil prices. However, the stability of oil comes after the increases recorded by 10% in less than a week, due to fears of declining supply.

Brent crude settled near levels of $117 a barrel, while West Texas crude rose to levels of $109.70 a barrel. This pushed the Canadian dollar and the Australian dollar to rise by 0.3% and 0.4%, respectively, against the US dollar.

On the other hand, the Euro settled below 1.06 levels after the disappointing statements of European Central Bank Governor Christine Lagarde, in which she indicated that the bank is on its way to tightening monetary policy to control high inflation growth rates but gradually.

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