The dollar held just below a 10-month high against a basket of currencies on Thursday after the Fed said it is no rush to raise interest rates.» Read More
Business activity in the U.S. Midwest contracted in March for the second consecutive month, a report showed Monday that continued the recent run of data highlighting worries of recession.
A look at the data and happenings that shaped the first quarter for European businesses and markets.
After a dismal first quarter, investors look forward to what the spring has in store; but apart from a new gold rush and the euro rising further, there seems to be little to anticipate.
For the week ending Friday, March 28, 2008 the US Markets ended mixed after starting on a high note Monday extending last week's market rally. The winning streak came to an end on Tuesday when the Dow closing down for the first time in three sessions. The NASDAQ had the strongest performance of the week managing a positive gain despite weak earnings from Oracle and poor performance from Google . Economic data dragged on the markets with consumer sentiment and confidence at low levels and negative housing data.-Next week the markets will watch Friday's jobs report for evidence of recession, and any revisions on guidance as we move into earnings season. Alcoa kicks off "official" earnings season on Monday, April 7th after the bell. The big companies for next week all hit on Wednesday with RIM , Monsanto and Best Buy all reporting earnings.
The dollar edged higher against the euro and Swiss franc Friday, marginally supported by improving money market conditions that helped ease the impact of generally bleak U.S. economic data.
The dollar rallied Thursday after suffering steep losses in the last two sessions, rising on data showing the U.S. economy grew in the fourth quarter in line with market expectations.
The central banks of Britain and Switzerland added extra funds to ease pressure on high interbank lending rates on Thursday, while the European Central Bank said it was ready to step in with extra cash.
The dollar fell for a second straight session Wednesday after an unexpected drop in durable goods orders heightened worries about the health of the U.S. economy and backed expectations of further interest rate cuts.
German corporate sentiment unexpectedly rose in March to its highest level in seven months in defiance of the strong euro, surging oil prices and concerns about the economic situation in the United States.
The European Commission expressed concern on Wednesday about the euro's rise, saying it added to the strengthening headwinds facing euro zone growth, but stuck to its 1.8 percent forecast for 2008 economic growth.
The dollar retreated broadly Tuesday, posting its steepest loss against the euro in two weeks, hurt by concerns about the health of the U.S. economy and the global financial sector.
The European Central Bank is watching currency markets very closely, Vice President Lucas Papademos said in comments released on Tuesday.
The dollar rallied across the board Monday on better-than-expected U.S. existing home sales data and J.P. Morgan's higher offer for Bear Stearns shares, which boosted Wall Street stocks.
The U.S. dollar inched lower against the euro on Friday but held on to much of the gains it made the previous day when investors sold commodities including oil and gold and repatriated cash back into the dollar.
For the short week ending Thursday, March 20, 2008 the US Markets ended up. Market moving events include the JP Morgan Chase takeover of Bear Stearns and a Fed rate cut of 75 basis points. The Dow gained 420 points on Tuesday, only to give back 293 points the next day. A rally today kept the Dow, S&P, and NASDAQ up 3.43%, 3.21%, and 2.06% for the week, their best performance in 7 weeks. Next week, the markets will watch for the economic data including Durable Goods, GDP, and Personal Income numbers. Earnings from Lennar (LEN) will give another read on the housing sector.
The dollar made its biggest gain since mid-December against the euro Thursday as investors sold oil, gold and other commodities and repatriated their cash back into the beleaguered U.S. currency.
The dollar briefly reversed losses against the euro on Wednesday in volatile trading, drawing support from losses in gold futures.
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The dollar posted gains against the yen and the euro on Tuesday after the Federal Reserve slashed benchmark interest rates by 75 basis points.
The dollar tumbled to a 12-1/2 year low against the Japanese yen on Monday and record levels against the euro and the Swiss franc as emergency liquidity-boosting measures by the Federal Reserve over the weekend failed to ease worries about the U.S. financial sector.