Dollar slips as oil prices retreat

The dollar slipped against the euro and yen on Wednesday as another retreat in oil prices hit sentiment.

Crude resumed its decline in Asia ahead of the release of data on US crude stockpiles and production, keeping alive concerns about demand and the strength of the global economy.

Oil is at multi-year lows in the face of indications a global crude supply glut will continue into next year.

“Risk sentiment is very much subject to crude oil prices,” Hiroyuki Yamamuro, analyst at Ueda Harlow, said, told Bloomberg News.

In US trading, the dollar had been lifted by upbeat consumer confidence data that bolstered hopes for the world’s top economy.

Analysts said the dollar was likely to tread water as markets wait for more US economic data that could give direction on the Federal Reserve’s plans for interest rate hikes in 2016.

In Tokyo, the dollar edged down to 120.46 yen from 120.47 yen in New York on Tuesday.

The euro rose to $1.0933 from $1.0921 and was up at 131.69 yen against 131.59 yen a day earlier.

In other trading, the Philippine peso edged up 0.03 percent against the dollar and the Malaysian ringgit gained 0.07 percent.

The Indian rupee slipped 0.03 percent on the greenback and the Indonesian rupiah dropped 0.84 percent.