The euro stayed well-bid on Tuesday, scaling a fresh five-year high on the yen and a six-week peak against the dollar as expectations for further stimulus from the European Central Bank continued to fade.» Read More
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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Oil rose slightly above $145 Monday as supply concerns in Brazil in the midst of an energy workers strike outweighed ongoing worries that high fuel costs are dragging down consumer nation demand.
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The dollar clambered back from a near-record low against the euro Monday after the United States announced an emergency plan to restore investor confidence in mortgage finance companies Fannie Mae and Freddie Mac.
An intervention to prop up the U.S. dollar is very likely if the greenback's slide continues, as U.S. policymakers' attitude towards a weak currency has shifted dramatically over the past year, a forex strategist tells CNBC Europe.
For the week ending Friday, July 11, 2008, the U.S. markets finished in bear market territory with the Dow dipping below 11,000 during intraday for the first time in 2 years.
U.S. crude oil futures ended more than 2 percent higher as geopolitical and supply worries combined to lift prices to an all-time high.
The dollar slumped Friday, battered by heightened worries about the U.S. financial sector after a report said the U.S. government is considering taking over mortgage agencies Fannie Mae and Freddie Mac if their situation worsens.