The U.S. dollar slipped against a basket of major currencies on Thursday after U.S. jobs data lagged expectations.» Read More
Oil prices fell $4 to a six-week low after a U.S. report reinforced concerns high prices and economic turmoil were slashing demand.
The dollar hit a one-month peak against the yen and a two-week high against the euro Wednesday, getting support from a slide in oil prices and a recovery in risk appetite.
The dollar rallied sharply on Tuesday, boosted by a steep drop in oil prices and comments from a Federal Reserve official suggesting that U.S. interest rates may have to rise even before financial markets recover.
Oil prices fell to a six-week low on Tuesday amid concerns over sliding U.S. energy demand and expectations that a tropical storm pushing through the Gulf of Mexico would spare most offshore oil production.
Oil prices rose Monday on a threat of new sanctions against Iran and as Tropical Storm Dolly headed into the Gulf of Mexico, prompting a hurricane watch for parts of Texas and Mexico.
The dollar slipped on Monday, losing some of its recent momentum, after better-than-expected earnings from Bank of America failed to convince investors that the worst for the U.S. financial sector is over.
For the week ending Friday, July 18, 2008, the U.S. markets saw extreme volatility yet settled higher on better-than-expected earnings results, a pullback in crude oil, and an indication that the Fed will hold interest rates steady. Nonetheless, the Dow had its best week since April 18 and its best 3-day percent gain since March 2003 even after closing below 11,000 for the first time since July 2006.
Oil fell for the fourth consecutive day, pulled lower by growing demand concerns and easing tension between Iran and the West.
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The dollar rose against a basket of six major currencies on Friday, boosted by news Citigroup posted a smaller-than-expected loss in the second quarter, further calming fears about the health of the U.S. financial sector.
A quick, decisive, Fed-led program of dollar purchasing would stabilize the currency and re-set levels for the 40-plus nations pegged against it. It would bring oil prices down by an estimated 20 to 30 percent.
Oil prices fell sharply in afternoon trading to below $130 a barrel as uncertainty about the overall trend for the commodity continued.
The dollar fell against the euro on Thursday as U.S. data on construction and jobless benefits delivered a mixed picture, while major American banks reported better-than-expected earnings.
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U.S. crude oil futures ended lower for the second day in a row as government inventory data showed surprise increases in crude and gasoline stocks.
The dollar rose against the euro and yen Wednesday, moving further from Tuesday's record low against the euro, on positive earnings news from Wells Fargo and lower oil prices.
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Oil prices fell harder than they have in 17 years on a dollar basis Tuesday, as fears that record fuel prices are spreading broad economic pain led to the third big sell-off in just over a week.
The dollar rebounded from record lows versus the euro on Tuesday, supported by a sharp fall in crude oil prices and a rise in U.S. stocks.
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