Dollar falls on oil plan report

he dollar has fallen following a report that Gulf states are in secret talks to replace the greenback as the main currency for the trading of oil.

Nations including Saudi Arabia and the United Arab Emirates were speaking to Russia, China, Japan and France, said the UK's Independent newspaper.

However, Saudi Arabia subsequently said the report was "absolutely inaccurate".

It caused the euro to rise 0.4% against the dollar to $1.47040. The pound also rose, by 0.4%, before falling back.

The pound reached $1.5991 before dropping back to $1.58920.

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