The dollar eased Monday as persistent worries over the financial sector cast a pall over the health of the U.S. economy despite last week's upbeat housing and consumer sentiment data.
There could be some potential downside to the euro-dollar cross, ahead of the U.S. non-farm payrolls on Friday, forecasts Sean Callow, senior currency strategist at Westpac Bank. CNBC's Martin Soong & Amanda Drury find out more.
For the week ending Friday, July 25, 2008, the markets closed mixed for the week, on negative housing data, and mixed earnings results. An early rally in financial and airlines stocks, supported by the continued slide in oil prices, was quickly wiped away by ongoing uncertainty in the economy. The Dow dropped more than 280 points on Thursday, marking the worst one day point drop in over a month. However, Friday saw a slight rebound on strong durable goods and a bounce back in consumer sentiment. Only the Nasdaq finished slightly up 1.2% for the week. The Dow and S&P finished down 1.09% and 0.23%, respectively.
The U.S. dollar rose against the Japanese yen on Friday, after a trio of better-than-expected data injected a dose of optimism aboutthe U.S. economy.
The dollar dropped against the yen Thursday, dragged down by disappointing news in the U.S. housing sector and steep losses on Wall Street.
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.
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.
Nearly 1.7 billion shares and more than $18 billion traded yesterday in CNBC's Million Dollar Portfolio Challenge. Check out the bets being made today...
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.
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.
Over 1.4 billion shares and $16.5 billion traded yesterday in CNBC's Million Dollar Portfolio Challenge. Check out the bets being made today...
Some of the world's largest sovereign wealth funds are seeking to scale back their exposure to the U.S. dollar in a sign of global concern about the currency, the Financial Times reported on its online site.
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.
Nearly 1.3 billion shares and $13.5 billion traded yesterday in CNBC's Million Dollar Portfolio Challenge. Check out the bets being made today...
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.
Nearly 1.2 billion shares and $14 billion traded yesterday in CNBC's Million Dollar Portfolio Challenge. Check out the bets being made today...
Nearly 1.4 billion shares and $15.4 billion traded Friday in CNBC's Million Dollar Portfolio Challenge. Check out the bets being made today...