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The dollar fell to a record low against the euro Friday and was on track for its sixth straight weekly decline, weighed down by fears that losses in risky mortgage debt would hurt consumers and slow U.S. growth.
Investors picked up where they left off a week ago, as stock prices hurtled to new highs with the Dow Industrials setting another milestone, but a Friday selloff kind of spoiled the mood.
Federal Reserve decision-makers signaled Thursday that downside risks to U.S. economic growth had diminished in June compared with May, suggesting a housing market downturn would not prompt near-term interest rate cuts.
The dollar traded near record lows versus the euro Thursday over renewed concern about the health of the U.S. housing market and as investors pondered the Federal Reserve's next interest rate move.
China's annual economic growth surged to 11.9% in the second quarter, easily beating market forecasts, as strong investment and a record trade surplus buoyed the world's fastest-growing major economy.
The Federal Reserve's latest projections for core inflation signal the U.S. central bank hasyet to be convinced inflation is easing, suggesting monetary policy will stay on hold until it sees more compelling data.
U.S. consumer prices rose by a slightly bigger-than-expected 0.2% in June on higher food costs and they were up by the same amount after stripping out volatile food and energy prices, the Labor Department reported on Wednesday.
The dollar slipped Wednesday after Federal Reserve Chairman Ben Bernanke said housing sector woes would likely get worse, touching the nerves of dealers still reeling from the subprime crisis.
Speculation is swirling that data on Thursday could show a spike in June inflation that would increase the chances of a fresh round of policy tightening, according to economists and market participants.
The dollar rose versus the yen for the first time in three sessions after a government report showed foreign investors bought a record amount of U.S. securities in May.
Allen Sinai, chief global economist at Decision Economics, told CNBC’s “Morning Call” that the stock market is not overvalued. ... He also said Federal Reserve Chairman Ben Bernanke gets high marks.
Earnings news is helping set the tone as some big positive reports are countering weakness in stocks ahead of inflation data.
Britain's inflation rate fell as expected in June on lower utility bills but the figures are still likely to keep alive expectations of further interest rates hikes ahead.
Consumer prices in New Zealand rose more than expected in the second quarter, heightening expectations the central bank will raise interest rates later in the month and sending the currency to a 22-year post float high.
Federal Reserve Chairman Ben Bernanke is likely to tell Congress this week the central bank is more worried U.S. inflation will flare than it is that housing market turbulence will seriously damage the economy.
What a week. The earnings parade arrives, two key reports on inflation are released and Fed Chairman Ben Bernanke makes two appearances before Congress. The stock market's red hot rally at the end of the past week was fired in part on expectation that global growth will continue to pump up earnings, and a slew of corporate report cards will be dealt out next week when banks, techs, airlines and others report quarterly results.
Robert Brusca, chief economist at Fact and Opinion Economics, told CNBC’s “Morning Call” that economic fundamentals are in “great shape.” “When you look at the consumer, the important thing is that jobs are growing very firmly, wages are growing at a good pace and this is underpinning income growth,” Brusca said Friday. “When the consumers have good income growth, they’re going to spend.”
The verdict on June retail sales: they could have been worse. Bear Stearns Retail Analyst Christine Augustine joined "Morning Call" to explain why Thursday's lukewarm figures are actually good news -- and to name the factors driving the sector.
Nestle, the world's largest food company, will raise prices, cull unprofitable products and speed up production rationalization to prepare for a lasting rise in commodity and energy prices.
Federal Reserve Chairman Ben Bernanke said Tuesday that swings in volatile energy and food prices will have minimal impact on inflation as long as inflation expectations are held steady. "If inflation expectations are well anchored, changes in energy (and food) prices should have relatively little influence on 'core' inflation ..." he said.