The dollar sank as much as 1.6 percent against the yen, going as low as 111.355 yen JPY= before recovering slightly to 112.00. "It's a bit of a pull back in the dollar;" said Societe Generale strategist Alvin Tan, "the fall in oil is pushing back US bond yields and that is leading the consolidation in the dollar.. there is more scepticism about an (OPEC) output cut now." Italy, which has been plagued by political concerns ahead of its referendum on constitutional reform, remained a more obvious concern meanwhile. Industrial metals also remained red hot on hopes of strong demand for property and infrastructure investment in China and the United States. Wall Street's four main indexes .DJI .SPX .IXIC all hit record highs last week, a feat last achieved in 1999.

Source: Egypt Independent November 28, 2016 13:24 UTC