The US dollar fell against the euro on Wednesday after the US Federal Reserve left its benchmark interest rate in the zero to 0.25% range and repeated that it will remain low for an extended period.
Overall in the commodity space, the Reuters CRB Commodity Index saw a modest bounceback & advanced 0.5%. Energy prices staged strong gains. oil prices were pushed 0.9% higher to USD 83.32 per barrel. Most of that move came in late trade, after prices had slipped back to their 50-day moving average on higher weekly inventory data. It is currently trading at USD 83.1 a barrel.
Copper futures declined, extending losses from the biggest drop in three months, on concern that credit-rating downgrades may hurt Europe's economic recovery. Aluminium prices also declined.
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