The dollar slipped staying on the defensive after disappointing U.S. trade data for March painted an even bleaker picture of the economy in Q1.» Read More
Sure, some analysts are skeptical about the relationship between oil and the dollar. The conventional wisdom, though, is that the weaker dollar has encouraged investors to buy dollar-denominated commodities to hedge inflation and has contributed in some part to rising oil prices.
The dollar fell against the yen and gave up much of its gains versus the euro Monday after rating agency Standard & Poor's downgraded U.S. financial sector firms.
Sky-high fuel and food prices crashed the party when finance ministers flocked to Frankfurt to celebrate the inflation-fighting European Central Bank's 10th birthday on Monday, a milestone in Europe's monetary union.
For the week ending Friday, May 30, 2008, the markets finished up, with all major indices increasing ~1.3% or higher for the week. Only the Dow declined for the month, shedding 1.42%. The NASDAQ reached its third consecutive monthly gain , up 4.55% for the month. The markets were encouraged by better than expected earnings from retailers and strong results from Dell. U.S. GDP for 1Q also helped lift stocks up, as it rose 0.9% at an annual rate , better than the previous estimate. Crude Oil also retreated to lower levels.
The dollar fell to session lows versus the euro and traded flat against the yen as investors took profits ahead of the weekend after recent strong gains in the U.S. currency, traders said.
On the verge of the European Central Bank's 10th anniversary, the news on inflation doesn't look good. Against the bank's target of "below but close to" 2 percent, euro-zone prices rose 3.6 percent in May, compared with the year ago, back to a historic high, data showed on Friday.
The U.S. dollar extended its gains and traded at session highs against the yen and the euro on Thursday, as U.S. stocks added to gains with oil prices pulling back from recent highs.
The dollar rose broadly after a report showed new orders for U.S. durable goods fell by less than expected in April, supporting the view the Federal Reserve may keep interest rates on hold or even raise them by the end of the year.
The dollar rose broadly Tuesday after oil prices fell and a report showed an unexpected rise in U.S. new home sales in April, boosting expectations the economic slowdown is not as bad as feared.
European Central Bank head Jean-Claude Trichet said on Monday that financial markets were experiencing an "ongoing correction" and repeated that the G7 was concerned about excessive dollar volatility.
The dollar held its ground on Monday, taking advantage of the ultra-thin volumes owing to U.S. and UK market holidays to arrest its decline of the last three weeks and eke out slender gains against a basket of major currencies.
Over 11 billion stock shares were traded during the second week of the contest, and the most active currency pair, the euro/dollar, traded almost 16B units. Check out the week's winning trades...
For the week ending Friday, May 23, 2008, the U.S. Equity Markets ended the week down with all of the major indices off by more than 3% on continued concerns about high energy costs. Oil and gasoline continued to hit new record highs and the dollar declined against major currencies.
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.
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.
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.
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.
The dollar fell Tuesday as U.S. inflation data added to concerns about the economy's strength and raised doubt about whether the Federal Reserve will be able to hike interest rates this year.
The dollar rose on Monday, rebounding from a 2-1/2 week low against the euro as equities rallied and an economic forecasting gauge showed the U.S. economy, while weak, has so far managed to avoid recession.
For the week ending Friday, May 16, 2008, the U.S. Equity Markets ended the week up with all of the major indices up ~2% or more as stocks gained from M&A news, easing inflation worries, and strong earnings results. Oil and gasoline continued to hit new record highs as the dollar declined against major currencies.