• Oil slides nearly 4% on heightened recession worries and a fresh 20-year high for the US dollar

    2 days ago - By Business Insider

    US oil exports jumped last week to a record high. George Frey/Getty Images
    Oil prices slumped Friday and were on course to lose ground for the week.
    WTI crude oil fell to a nine-month low and traded just above $80 a barrel.
    Fears about global recession ramped up after this week's round of rate hikes by central banks.
    Oil prices on Friday tumbled to a nine-month low as recession fears swept throughout global risk assets and the US dollar continued this year's ascent to reach a fresh two-decade high against major currencies. West Texas Intermediate crude fell as much as 3.8% to $80.35 per...
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  • China's yuan tumbles near key threshold as dollar strength increases on aggressive Fed policy

    2 days ago - By Business Insider

    China Photos/Getty Images
    The onshore yuan weakened 0.58% against the dollar Friday to 7.1193, Bloomberg data shows.
    China's currency neared the lower limit of its daily trading band, while the dollar climbed thanks to a hawkish Fed.
    The yuan was 1.8% below Beijing's reference rate, which allows a 2% move in either direction.
    China's onshore yuan tumbled 0.5934% against the dollar to 7.1201 on Friday and neared the lower limit of its daily trading range, Bloomberg data shows. The yuan joined other top global currencies lower as the dollar continued to strengthen amid the Federal Reserve's...
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