Free forexFree forexFree forex is a guide in trading currency Articles
Gold wilts as dollar rallies
2008-02-05 18:28:00 LONDON (Thomson Financial ) - Gold dipped in late afternoon trade as the dollar rallied against the major currencies in the wake of poor European PMI data, shrugging off a large and unexpected drop in US services sector activity. Gold has posted several days of losses as investors took profits after its recent sharp rally. At its high, gold was trading some 11 pct above its end-December level -- amid dollar weakness, turbulence in the equity markets and the threat of a US recession. A bounce in the dollar today has added further pressure to gold prices. The precious metal typically benefits from a weaker dollar, as it is seen as an alternative investment to the greenback. A decline in oil prices is also undermining sentiment towards gold. Stronger oil is seen as an early indicator of rising inflation, against which the precious metal is often bought as a hedge. At 3.37 pm, spot gold was trading at 889.68 usd an ounce against 894.80 usd in late New York trade yesterday. On Frid... More About: Dollar , Rallies
US factory orders post the highest increase
2008-02-04 16:39:00 FXstreet.com (Barcelona) ? New orders for manufactured products have grown slightly below expectations but yet at their fastest pace since records are taken in 1992, posting their sixth increase of the last seven months, according to data released by the Commerce Department.In December, orders for manufactured gods have increased 2.3% from November to $441,61 billion following a 1.7% monthly rise in November, revised up from the previously estimated 1.5% rise. December?s increase, although high, did not meet the experts forecasts, which had advanced a 1.5% increase.Shipments, however have fallen 0.3% in the month for the first time in the last four months, while unfilled orders have posted a 2.5% rise.Orders for manufactured durable goods have increased 5.0% in December, following a 0.5% increase in November, non durable good orders have increased 0.4%. More About: Factory , Post
Platinum close to record; fears of reduced SAfrican mine
2008-02-04 16:37:00 LONDON (Thomson Financial ) - Platinum stayed close to an all time high struck earlier today as South African mining woes squeezed supply, while gold traded some 4 pct below a record hit late last week. Platinum also dragged palladium up to a six-year high as the two metals can be used for the same purposes -- jewellery manufacturing and in catalytic converters. "The most important recent development in the precious metals market is the power crisis in South Africa, which has interrupted mining operations and which, based on our estimates, will visibly alter the supply/demand balances for gold and (especially) platinum this year," said HSBC analyst James Steel, who today upgraded the bank's price forecast for 2008 to 1,650 usd from 1,550 usd. By 2.32 pm platinum was at 1,775 usd per ounce against 1,769 usd in late New York trades Friday. Earlier this morning, the metal made a new all time high of 1,792.50 usd per ounce. South African mine production and precious metal output sti... More About: Close , Mine , Record
Table Of Data On Factory Orders
2008-02-04 16:35:00 Table Of Data On Factory Orders From Commerce Dollar amounts in billions Dec Nov OctFactory Orders 441.57 431.49 424.15Percent Change 2.3 1.7 0.7Factory Orders Ex-Defense 428.53 423.66 413.90Percent Change 1.2 2.4 0.7Factory Orders Ex-Trans 370.07 367.33 361.73Percent Change 0.7 1.5 0.7Durable Goods Orders 226.11 215.24 214.26Percent Change 5.0 0.5 -0.5Non-Durable Goods Orders 215.46 216.25 209.89Percent Change -0.4 3.0 2.0Factory Shipments 427.51 428.71 423.12Percent Change -0.3 1.3 1.2Factory Inventories 528.10 524.15 520.49Percent Change 0.8 0.7 0.2Unfilled Orders 808.66 788.66 779.37Percent Change 2.5 1.2 1.0 More About: Table
Global oil production to fall short of rising
2008-02-04 16:33:00 LONDON (Thomson Financial) - Global oil production will struggle to cope with rising demand over the next decade, according to experts gathered today at international think tank Chatham House, for a conference focusing on Middle East energy supplies. One speaker noted that over the next eight years the world needs to discover and develop an extra 37.5 mln bpd to meet rising demand and diminishing returns from existing oil fields, but that global production is unlikely to increase by even half that amount in the same timeframe. "China and India are transforming the global energy system by their sheer size and growth," the speaker said. "Oil demand is set to grow significantly under any plausible scenario. (But) there will be real difficulty in getting production above 100 mln bpd." Global oil production is currently around 86 mln bpd, but with many existing oil fields given lower returns in recent years, and new reserves becoming more difficult to source, some analysts are con... More About: Production , Short , Fall
US ups 2009 deficit forecast to 407 bln usd
2008-02-04 16:22:00 WASHINGTON (Thomson Financial) - The Bush administration's new budget plan anticipates a budget deficit that is nearly double from last year's estimate, and a deficit in the current fiscal year that is more than 50 pct higher than what was expected last summer. "The primary reason for increasing deficits in the near term is the President's economic growth package and an expected slowing of receipt growth, due to an expected reduction in corporate tax receipts from recent high levels," the administration said in its budget plan released today. "Another reason for increases in the projected near-term deficits is increasing defense and emergency spending." For fiscal year 2009, which starts this October, the White House expects a 407 bln usd budget deficit, up from the 213 bln usd it anticipated in July. But the White House indicated that this 2009 deficit could go even higher, depending on the need for new funds for anti-terrorism efforts around the world. "Actual funding needs ... More About: Deficit , Forecast
Oil down as ongoing fears over possible US recession spark
2008-02-04 16:19:00 LONDON (Thomson Financial) - Oil continued lower as fears over a possible US recession continued to spark worries that demand for crude will wane going forward. In addition, prices were also under pressure from reduced buying from funds. Data out on Friday showed long positions -- or bets on price falls -- from speculators on NYMEX fell 20 pct last week, after dropping 56 pct the week before. The data "is a concern for those oil bulls as hedge fund money has been a key driver to prices surging so high", said analysts at Sucden. They added that oil was also down on fears over a possible US-led global growth slowdown. At 1.00 pm, New York's WTI crude for March delivery was down 27 cents at 88.69 usd per barrel, having plunged 2.79 usd to close at 88.96 usd on Friday. In London, Brent crude for March delivery was down 23 cents at 89.22 usd per barrel. In earlier trades, oil was up slightly as a rebound in global equities temporarily eased fears over the oil demand outlook. ... More About: Spark , Recession , Fears
French finance ministry says G7 to discuss currencies
2008-02-04 16:13:00 PARIS (Thomson Financial) - Group of Seven finance ministers and central bank governors will discuss recent foreign exchange rate movements, and particularly the strength of the euro, at their meeting in Tokyo on Saturday, a senior French Finance Ministry official said. Finance Ministry official Christophe Lecourtier told journalists there will be "an interesting round of contributions on exchange rates, which will be of particular interest concerning the euro". The G7 will focus on the impact of the credit market crisis on the world economy and policy responses that have been made in response to slowing growth, particularly the US Federal Reserve's interest rate cuts and the Bush administration's fiscal stimulus package, he said. It also will consider possible responses to the financial markets crisis, with the four European G7 members looking for financial institutions to increase transparency on their exposure to structured financial products and to improve liquidity risk ma... More About: Currencies
reasurys higher after Jan. job losses
2008-02-02 05:56:00 NEW YORK (AP) - Treasury prices closed higher after a volatile session Friday during which a series of new reports gave a muddled reading of the economy, with the labor force giving up 17,000 jobs last month even as manufacturing rebounded. "We have competing signals in regard to whether we are in a recession," said T.J. Marta, fixed-income analyst at RBC Capital Markets. "The employment report is recessionary, but the manufacturing data shows expansion. "The market is highly conflicted." By the afternoon, the market settled into positive territory as investors focused on the contracting labor market. For months, the job market appeared to be holding up although real estate, Wall Street and the mortgage industry were in trouble. But last month's job losses suggest this pillar of the economy may also be losing strength. The benchmark 10-year Treasury note rose 1/32 to 105 11/32 with a yield of 3.57 percent, down from 3.59 percent late Thursday. Prices and yields move in opposite ... More About: Losses , Higher
Survey Of Forecasters-Feb 1
2008-02-02 05:55:00 US Economic Indicators: Survey Of Forecasters-Feb 1 Forecasts based on the projections from 20 economists as of Friday,Feb 1. NA = not available. E = estimate. R = revised. **** = tentative. Time --Forecast--Date EST Indicators Median Low High Prev Actual01/28 :0830: % change : : -0.7 : -8.101/28 :1000: Dec S/F Home Sales : 650 610 670: 634R: 60401/29 :0830: Dec Durable Goods (% chg) : 2.0 -0.5 4.5: 0.5R: 5.201/29 :1000: Jan Consumer Confidence : 87.0 84.0 90.0: 90.6R: 87.901/30 :0830: Q4 Adv GDP : 1.2 1.0 2.0: 4.9 : 0.601/30 :0830: Final Sales Dom Prchsr : NA NA NA : 5.1 : 4.501/30 :0830: PCE Defltr : NA NA NA : 2.8 : 2.001/30 :0830: Price Defltr : 2.3 1.5 3.2: 1.0 NA01/31 :0830: Unemploy Clms p/e Jan 26 : 315 315 320: 301 : 37501/31 :083...
Metals at a glance
2008-02-02 05:54:00 - The following are key metals settlement prices Friday, compared with late Thursday, on the New York Mercantile Exchange: April gold $913.50, down $14.50 an ounce March silver $16.870, down 12.5 cents an ounce March copper $3.2730, down 2.5 cents a pound More About: Glance
Business Events for the Coming Week
2008-02-02 05:53:00 (AP) - Major business events and economic events scheduled for the coming week (some dates are tentative): MONDAY, Feb. 4 WASHINGTON -- Commerce Department reports on factory orders for December, 10 a.m.; Treasury bill auction; President Bush's 2009 budget proposal expected to be released. THE WOODLANDS, Texas -- Anadarko Petroleum Corp. releases fourth-quarter financial results. DECATUR, Ill. -- Archer Daniels Midland Co. releases second-quarter financial results. LOUISVILLE, Ky. -- Humana Inc. releases fourth-quarter financial results. NEW YORK -- News Corp. releases second-quarter financial results. DUBLIN, Ohio -- Wendy's International Inc. releases fourth-quarter financial results. LOUISVILLE, Ky. -- Yum Brands Inc. releases fourth-quarter financial results. PARIS -- French Finance Ministry submits a report on the Societe Generale trading scandal in which more than $73 billion was bet by rogue trader Jerome Kerviel. Investigating judges have file... More About: Business , Events , Week
Dollar rises against euro, pound
2008-02-02 05:52:00 NEW YORK (AP) - The U.S. dollar rose Friday against the euro and the British pound, helped by rising stock prices and a modest expansion in the U.S. manufacturing sector despite a weak report on jobs. In late New York trading, the dollar rose to $1.4803 per euro from $1.4877 per euro late Thursday. The dollar jumped to $1.9677 per British pound from $1.9900 per pound. The dollar also inched up to 106.47 Japanese yen from 106.43 yen. The dollar rebounded after an industry group reported U.S. manufacturing activity rose in January and helped galvanize Wall Street. The Institute for Supply Management said Friday its index of manufacturing activity rose to 50.7 from 48.4 in December. Wall Street had expected the figure would come in at 47, which would have indicated a contraction of the manufacturing sector. The single Euro pean currency failed to reach a new high after the Labor Department reported earlier Friday that employers cut 17,000 jobs in January as the unemployment rate ... More About: Dollar , Pound
market tracker turns lower, as oil, gold futures pull back
2008-02-02 05:48:00 (Corrects reference to all-time high for April gold futures) NEW YORK (Thomson Financial) - Commodities prices were sharply lower Friday, highlighted by sharp declines in crude oil and gold futures, amid concerns over the impact on demand from a U.S. recession, especially after disappointing January jobs data. The Reuters Jefferies CRB Index fell 0.6% to 367.35. The commodities futures market tracker had been up as much as 0.2% at a high of 370.27 earlier in the session. That high just missed the CRB's record high of 370.96 hit on Jan. 14. March crude futures slumped $1.60 to $90.15 a barrel, paring earlier intraday gains to a high of $92.12 a barrel. April gold futures dropped $16.30 to $911.70 an ounce, reversing earlier gains of as much as $13.80 to an intraday high of $941.80 an ounce, just shy of the all-time high of $942.20 an ounce hit on Wednesday. Earlier Friday, the U.S. Labor Department said January nonfarm payrolls fell by 17,000, the first loss in more than 4 y... More About: Market , Gold , Futures , Back , Lower
US Slowdown Will Affect Rest Of World
2008-01-29 21:33:00 PARIS -(Dow Jones)- The economic slowdown in the U.S. will affect the rest of the world, French Finance Minister Christine Lagarde said Tuesday.Testifying before the Senate Finance Commission about the banking crisis that has provoked a credit crunch and rocked global financial markets, Lagarde pointed out, however, that the effect on France will be attenuated to some degree because only 8% of its trade is with the U.S."I don't doubt that the slowdown that we can't avoid seeing in the U.S.... will affect all world economies to some degree or another as they are closely related," Lagarde said.She said she's "realistic" that the French economy is in a sound position to weather the storm, noting high levels of job creation, better levels of household and business confidence in Europe than in the U.S., and much lower levels of household debt."If the German economy suffered, it would affect us to an infinitely greater degree than the U.S. is affecting us, all other things being equal,... More About: World , Rest
Lending windows still open
2008-01-29 21:32:00 NEW YORK (AP) - If recessions could have a sound, it would be the slam! of lending windows shutting at banks. No wonder: when businesses and consumers have trouble borrowing money, economic growth may grind to a halt. Whether that is happening now is one of the more interesting questions we face in judging just how much the mortgage and credit crisis is harming the overall economy. The Federal Reserve cited a slowdown in lending as one of they key reasons for last week's emergency rate cut. But figures from an influential survey of small businesses seems to argue the opposite, as does the rush by homeowners to refinance their mortgages. It's natural for banks to be somewhat gun shy about lending after the massive losses they've incurred on subprime mortgages and other structured assets. What once seemed like safe loans and investments have suddenly turned bad, and are now severely crimping bank capital. What's not really clear is how extreme the situation has become. Differe... More About: Windows , Open , Lending
Oil continues lower below 90 usd mark on economic slowdown fears
2008-01-28 14:42:00 LONDON (Thomson Financial) - Oil prices continued to trade down below the 90 usd mark heading into the afternoon in London, as lower stock markets again sparked fears of an economic slowdown denting demand for crude. "Financial markets in Europe and Asia fell lower following comments by Goldman Sachs who said the Japanese economy has probably fallen into a recession already," said Nimit Khamar at Sucden. "The economic problems in the US and Japan will be a major concern for the oil market given that they are 2 of the 3 largest consumers of oil". At 12.48 pm, New York's WTI crude for March delivery was down 1.34 usd at 89.37 usd per barrel. In London, Brent crude for March delivery was down 1.04 usd at 89.86 usd per barrel. Prices have declined by over 10 pct since hitting an all time record high above 100 usd a barrel in the early days of the New Year. While weakness in stock markets has weighed on the demand outlook, it has also forced the liquidation of many long specul... More About: Economic , Lower , Mark , Fears
CME Financials Volume And Open Interest
2008-01-28 14:41:00 CME Financial s Volume And Open Interest - Jan 28 Data for previous business day. Volume Open Int ChangeLibor One MonthQEM G8 842 17,099 185QEM H8 222 7,356 102QEM J8 0 6,366 0QEM K8 0 3,139 0QEM M8 0 1,940 0QEM N8 0 1,390 0QEM Q8 0 1,022 0QEM U8 0 740 0QEM V8 0 210 0QEM X8 0 200 0QEM Z8 0 120 0Total 1,064 39,582 287Eurodollar 3 Month Pit OnlyQED G8 19,351 104,175 1,271QED H8 541,203 1,729,003 -90,173QED J8 150 2,780 -95QED K8 0 180 0QED M8 567,887 1,935,030 -18,343QED N8 0 0 0QED U8 653,686 1,533,536 -60,172QED Z8 648,857 1,447,399 -45,664QED H9 577,095 1,137,130 -55,895QED M9 376,548 777,213 -4,057QED U9 303,385 723...
US Dec Building Permits Revised To -7.1%
2008-01-28 14:40:00 US Dec Building Permits Revised To -7.1% From -8.1% WASHINGTON -(Dow Jones)- U.S. building permits for December were revised to down 7.1% from November to a seasonally adjusted rate of 1.080 million, the Commerce Department reported Monday. December building permits were originally reported as being down 8.1% at a seasonally adjusted rate of 1.068 million. Building permits are a precursor of building activity.
Afternoon Interbank Intercurrency
2008-01-28 14:38:00 LONDON (Thomson Financial) - (Rates supplied by Barclays Intl) CANADA TOM/NEXT 4.00 - 4.10 7 DAY 4.00 - 4.10 1 MTH 4.00 - 4.10 3 MTHS 3.95 - 4.05 6 MTHS 3.90 - 4.00 12 MTHS 3.70 - 3.80 JAPAN TOM/NEXT 0.45 - 0.50 7 DAY 0.55 - 0.60 1 MTH 0.60 - 0.65 3 MTHS 0.79 - 0.84 6 MTHS 0.87 - 0.92 12 MTHS 0.97 - 1.02 STERLING TOM/NEXT 5.49 - 5.54 7 DAY 5.50 - 5.55 1 MTH 5.47 - 5.55 3 MTHS 5.50 - 5.58 6 MTHS 5.46 - 5.54 12 MTHS 5.28 - 5.38 EURO TOM/NEXT 4.00 - 4.03 7 DAY 4.09 - 4.13 1 MTH 4.14 - 4.18 3 MTHS 4.32 - 4.38 6 MTHS 4.32 - 4.38 12 MTHS 4.29 - 4.35 More About: Afternoon
UK interbank borrowing rates remain level
2008-01-28 14:37:00 LONDON (Thomson Financial) - The rates at which banks lend to each other in the UK stayed flat today, continuing a period of recovery following the soaring rates seen in the autumn. The three-month London Interbank Offered Rate (Libor) -- a key indication of banks' willingness to lend to each other over the medium term -- was unchanged at 5.58 pct. The overnight rate, generally the closest aligned to the Bank of England's (BoE) 5.50 pct Bank rate, edged up to 5.54 pct from 5.53 pct, and the one-month rate was flat at 5.56 pct. These rates are far lower than the levels they hit in September when fears surrounding the run on Northern Rock hit fever pitch. Then, the three-month sterling Libor rate touched 6.90 pct, more than 100 basis points above the BoE benchmark rate. The BoE is widely expected to cut its benchmark rate by a quarter point to 5.25 pct on Feb 7, although the prospect for further cuts could limited because some Monetary Policy Committee members are concerned abou... More About: Rates , Borrowing
German Government Rejects Call For Econ Growth
2008-01-28 14:36:00 German Government Rejects Call For Econ Growth Stimulus Package BERLIN -(Dow Jones)- German Chancellor Angela Merkel's government Monday rejected calls for a growth stimulus package to boost the economy amid the current financial market crisis."Our assessment of the current economic situation is that we see currently no need for growth stimulus packages," finance ministry spokesman Stefan Olbermann told reporters at the government's regular government press conference.He said the government, which presented its annual economic outlook report last week, made clear that there is no need for any short-term measures.The comments come after Dominique Strauss-Kahn, the managing director of the International Monetary Fund, warned that the current global credit crunch is so severe that lower interest rates alone won't be enough to solve the problems. He told daily the Financial Times that other countries should follow the U.S.'s stimulus package suit.Anne-Kathrin Roethemeyer, spokeswoma... More About: German
EU Leaders To Mull Market Crisis Response In London-AFP
2008-01-28 14:35:00 Germany: EU Leaders To Mull Market Crisis Response In London -AFP BERLIN (AFP)--Leaders of Germany, the U.K., France and Italy will search for ways to deal rapidly with global market turmoil when they meet in London, a German official said on Monday."They will have a wide-ranging exchange of ideas on how they can agree more rapidly on a common path of action," chief German government spokesman Ulrich Wilhelm told a press briefing."They will look at expanding international cooperation further," Wilhelm added, while adding that the four leaders were unlikely to make specific decisions.He said Tuesday's meeting would also look at how greater transparency can be brought to global markets in the wake of the U.S. subprime mortgage market that reverberated through European financial institutions.Merkel's long-standing concern over a lack of market transparency was echoed at the weekend by U.K. Prime Minister Gordon Brown who blamed much of the current market upheaval on "a deficit of tran...
New Home Sales
2008-01-28 14:32:00 WASHINGTON (AP) - Government data released Monday is forecast to show new home sales dropped slightly in December. The Commerce Department is expected to report that new home sales dipped 0.3 percent in December from a month earlier to a seasonally adjusted annual rate of 645,000 units, according to the consensus forecast of Wall Street economists surveyed by Thomson/IFR. The report is scheduled to be released at 10 a.m. EST. If the results meet analysts' expectations, they will be 36.7 percent below year-ago levels. A month ago, the government reported new home sales plummeted 9 percent in November from October to a rate of 647,000 units, or 34.4 percent below-year ago levels. Many builders such as Centex Corp., Pulte Home s Inc. and Hovnanian Enterprises Inc. were caught with a glut of unsold properties this year when mortgages became hard to get and sales slowed. Builders have slashed prices, but many buyers have stayed on the sidelines because they're having trouble getting... More About: Sales , New Home Sales
Treasurys rise as stocks fal
2008-01-27 16:30:00 NEW YORK (AP) - Long-term Treasury prices rallied sharply Friday as investors turned cautious, pulling out of the stock market and toward safe assets ahead of the weekend. Stocks opened higher and Treasurys lower Friday, as Wall Street tried to extend a lively two-day advance into a third session. But the markets had switched positions by the time of the 3 p.m. Eastern bond market close. Worries about weakness at financial institutions helped spark demand for Treasurys, which carry government backing and are largely shielded from the risks of some other asset classes. News that investment bank Goldman Sachs Group Inc. will lay off about 5 percent of its weak-performing employees helped feed some of the advance into Treasurys, although the investment bank said such cuts are standard practice. There also were rumors that Dutch banking giants ING and Fortis may have to issue new profits warnings. Those rumors may have had a disproportionate impact because there is great nervousness... More About: Financial , Rise
Business Events for the Coming Week
2008-01-27 16:29:00 AP) - Major business events and economic events scheduled for the coming week (some dates are tentative): MONDAY, Jan. 28 WASHINGTON -- Commerce Department reports on new home sales for December, 10 a.m.; Treasury bill auction. NEW YORK-- American Express Co. releases fourth-quarter financial results. CORNING, N.Y. -- Corning Inc. releases fourth-quarter financial results. HOUSTON -- Halliburton Co. releases fourth-quarter financial results. OAK BROOK, Ill. -- McDonald's Corp. releases fourth-quarter financial results. SPRINGDALE, Ark. -- Tyson Foods Inc. releases first-quarter financial results. NEW YORK -- Verizon Communications Inc. releases fourth-quarter financial results. TUESDAY, Jan. 29 WASHINGTON -- Federal Open Market Committee meets to discuss interest rates, through Jan. 30; Commerce Department reports on durable goods orders for December, 8:30 a.m. NEW YORK -- The Conference Board releases the Consumer Confidence Index, 10 a.m. ... More About: Business , Events , Financial , Week
US dollar steady vs euro, yen ahead of next week's
2008-01-25 07:54:00 HONG KONG (Thomson Financial) - The US dollar held steady against the euro and yen in afternoon trade in Asia Friday ahead of the Federal Reserve's policy meeting next week. "The market is anticipating another Fed rate cut again, but they are divided on the size of the reduction," said Mark Wan, chief analyst at Hang Seng Investment Services Ltd. On Tuesday the Fed surprised the market by announcing a deep 75 basis point rate cut, a week before its next scheduled meeting, on Jan 29-30. The rate cut triggered a stock market rally in Asia Wednesday and Euro pean shares posted strong gains yesterday. At 1.00 pm (0500 GMT), the dollar was at 107.15 yen, little changed from 107.18 yen in Sydney this morning. The euro was at 1.4750 dollars, little changed from 1.4756. The Fed will likely cut its key rate by a quarter of a percentage point, Wan said. "I don't think they need to cut it by 50 basis points," he said. The dollar will likely hit 106 yen and the euro will reach 1.4... More About: Dollar , Ahead
Thomson Financial Europe AM at a glance share
2008-01-25 07:53:00 LONDON (Thomson Financial ) - US SUMMARY: Stocks higher on jobs data, oil up Index Change Pct change *DJIA 12378.61 +108.44 +0.88 *Nasdaq 2360.92 +44.51 +1.92 *S&P 500 1352.07 +13.47 +1.01 eur-usd 1.4760 +0.0167 Nymex crude for Feb 89.41 usd +2.42 usd *Yesterday's close STOCKS: Wall Street scored its second straight big advance Thursday after economic figures suggested the job market is holding up and as lawmakers agreed on measures that could ease concerns about consumer spending. The Dow Jones industrials rose more than 100 points, bringing its two-day gain to more than 400. FOREX: The dollar was mixed against other major currencies. The euro was worth 1.4760 usd in late New York trading, up from 1.4593 usd the previous day. The British pound rose to 1.9745 usd from 1.9526 usd. BONDS: Bond prices fell as stocks rose. The yield on the be... More About: Europe , Share , Thomson Financial , Glance
Oil prices higher in Asian trade
2008-01-25 07:52:00 SINGAPORE (Thomson Financial) - World oil prices continued higher in Asian trade Friday as global stock markets firmed but underlying worries about the US economy remained. In late morning trade, New York's main contract, light sweet crude for delivery in March, rose 44 cents to 89.85 dollars per barrel. The contract jumped 2.42 dollars to close at 89.41 dollars per barrel Thursday during floor trading on the New York Mercantile Exchange. Brent North Sea Crude for March delivery was 34 cents higher at 89.41 dollars a barrel, after shooting up 2.45 dollars to 89.07 dollars in London on Thursday. Key regional bourses continued their rebound Friday after a quick agreement by US leaders on a stimulus package for the US economy. "Everybody is still concerned about the US economy. Yes there has been a rebound but I think the factors that underlie the stock market are still bearish," said Tony Nunan, of Mitsubishi Corp's international petroleum business in Tokyo. "The commodities ... More About: Trade , Higher , Prices
Forex Market Commentary
More articles from this author:2008-01-25 07:51:00 EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4735 level and was supported around the $1.4590 level. Stops were reached above the $1.4710 level, representing the 61.8% retracement of the move from $1.4920 to $1.4365. The common currency scored gains after the German January Ifo business climate index improved to 103.4 from 103.0 in December, more-than-expected, with the business assessment sub-index and the business expectations sub-index both stronger. The euro largely shrugged off news that a single trader at Societe Generale committed a massive ?4.9 billion fraud. Spanish finance minister Solbes said there is ?significant debate? within the ECB on whether to cut interest rates while ECB member Bini-Smaghi said the eight Mediterranean countries that form the majority of the fifteen-member ECB are more at risk from an economic slowdown than Germany and the Benelux countries. In U.S. news, the fed funds future m... More About: Commentary , Market , Forex 1, 2, 3 |
 |
|
 |
