The U.S. dollar booked its largest two-week decline against the euro since September 2012 on Friday, sliding on expectations that the Federal Reserve will begin raising interest rates later, and more gradually, than market participants had previously anticipated.
The euro EURUSD, +0.04% traded at $1.0886, compared with $1.0880 late Thursday. The dollar traded at 119.19 yen, compared with ¥119.19 level seen late Thursday.
The ICE U.S. Dollar Index DXY, -0.03% which gauges the dollar’s strength against six major currencies, was down EURUSD, +0.04% slightly at 97.39.
The pound GBPUSD, +0.22% traded at $1.4907, compared with $1.4853 Thursday.
Back on Nymex Friday, April gasoline RBJ5, -4.55% settled at $1.798 a gallon, down 8.4 cents, or 4.5%. It was about flat for the week. April heating oil HOJ5, -3.07% fell 6 cents, or 3.4%, to $1.7275 a gallon—down about 0.4% on the week.
April natural gas NGJ15, -2.81% fell 8.2 cents, or 3.1%, to $2.59 per million British thermal units, with the contract down 7% for the week. The April contract expired at the close of Nymex trading.
Oil futures settled lower on Friday for the first time in six sessions but still gained about 5% for the week, with strength fueled in part by an escalating conflict in Yemen.
Meanwhile, data revealed that the number of active oil and natural-gas drilling rigs fell for a 16th week in a row, and that the declines in the rig counts have slowed.
West Texas Intermediate crude for delivery in May CLK5, -5.83% settled at $48.87 a barrel, down $2.56, or 5% on the New York Mercantile Exchange, with the front-month contract ending about 4.9% higher for the week following a 4.5% jump on Thursday.
May Brent crude on London’s ICE Futures exchange LCOK5, -5.19% fell $2.78, or 4.7%, to $56.41 a barrel, leaving it with a weekly gain of around 2%.
