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The dollar fell on Friday and was set for its steepest weekly slide against a basket of major currencies in two months, as record high oil prices left the U.S. economy vulnerable to slower growth and rising inflation.
Oil rallied again on Friday following a retreat after it reached a new record high of $135 a barrel, on the back of a weaker dollar and worries about production in countries other than the OPEC members.
Euro zone economic growth looks set for a sharp slowdown in the second quarter after a strong performance at the start of the year, data showed on Friday, but rocketing inflation will keep interest rates on hold.
Singapore's economy grew in the first quarter at its fastest pace since 2005, but slightly below market expectations, and the government raised its 2008 inflation forecast and warned of increased U.S. recessionary risks.
Asian markets were mixed Friday following a pullback in oil prices. A stronger U.S. dollar lifted some exporters in the region. Japan managed to close slightly higher but Australia shed 1 percent, weighed down by declining resource stocks.
U.S. Treasury Secretary Henry Paulson told CNBC Thursday that rising oil prices are not driven by market speculation but instead reflect tight supplies and growing global demand.
Wall Street appears resigned to the idea that the Federal Reserve is done cutting interest rates, but a patchy economy could force policy-makers to keep their scissors handy.
The dollar rose Thursday, boosted by better-then-expected jobless claims data, but support remained fragile as record high oil prices stoked worries about the health of the U.S. economy.
Oil prices pulled back sharply from a record above $135 a barrel on Thursday as dealers took profits from a dazzling rally and a recovering U.S. dollar dampened commodities markets.
High food prices will continue for at least a decade even if they drop from the levels that sparked street protests or riots in Africa, Asia and the Caribbean in recent months, government-backed international agencies say.
Americans are fooling themselves if they think U.S. inflation is under control, the manager of the world's largest bond fund said
Prices are clearly at a level that represents a full-blown energy crisis, and the stock market sell-off, yesterday, evidenced the sentiment that the economic outlook and energy demand are likely to deteriorate at a rapid pace.
The US mortgage market will recover slowly from a wave of bad loans that threw financial markets into crisis and the lending system will need repairs, Federal Reserve Governor Randall Kroszner said Thursday.
Day 4 of the Warren Buffett European offensive, and expectations of an imminent bid have been managed down. Mr Buffett says he is not stalking targets, he wants companies that meet his criteria to call him. He even gave out his phone number on a number of occasions during the Lausanne press conference.
The number of U.S. workers filing initial claims for jobless benefits unexpectedly fell by 9,000 last week to its lowest level in a month, the government said Thursday, but remained at elevated levels to underscore a sluggish jobs market.
Asian markets pared back earlier losses Thursday to give a mix performance, though prospects of higher inflation and a weak U.S. economy kept investors cautious. Japan and Australia both managed to close in positive territory.
Japan's exports rose more than expected in April from a year earlier, as a surge in shipments to China and other developing countries cushioned the blow of U.S. economic weakness.
Goldman Sachs Senior Investment Strategist Abby Joseph Cohen told CNBC Wednesday that she sees U.S. interest rates climbing, though not necessarily in the short term.
Oil prices surged $5 to a record over $134 a barrel in Asian trading Thursday after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a supply crunch.
The dollar fell to a one-month low against the euro Wednesday and touched a one-week trough versus the yen after the Federal Reserve lowered its growth estimates for 2008.
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