Archive for January, 2010
Dollar lower against Yen on concerns of recovery
The dollar shed value to a month-low against the yen at the close of last week on concerns of global economic recovery.
Dollar gains strength as market seeks safety net
Data released Friday showed the U.S. consumer–considered key to an economic turnaround–remained stressed. The University of Michigan/Reuters consumer sentiment index’s preliminary reading for January edged up to only 72.8 from the final December reading of 72.5. Economists had expected sentiment to improve to 74.0.
Positive Beige Book uplifts mood, markets
Economic conditions have seen modest further improvement in recent weeks, according to the Federal Reserve’s Beige Book report released Wednesday afternoon, although the central bank noted that economic activity remains at a low level.
Dollar falls againts Yen
The dollar fell sharply against the yen Tuesday as investor demand for safe-haven assets and declining U.S. Treasury yields supported the Japanese currency.
Gold rises as dollar stumbles in global market
Gold futures remain sharply higher after hitting their highest level in a month Monday due to the U.S. dollar’s lowest level against the euro in three weeks, as signs of improved Chinese oil demand and comments from a Federal Reserve official that U.S. interest rates would stay low pressured the dollar.
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Dollars takes a beating
The U.S. dollar weakened on Monday while currencies of India, China, Brazil, and Euro gained strength as analysts across the globe predicted that the emerging economies will recover sooner than the US economy from the worst recession in last sixty years.
85,000 Americans lost employment in December
The announcement Friday by the Labor Department that the U.S. lost 85,000 jobs in December is causing some concern that the U.S. economic recovery is faltering.
Seeking a Potash revival
Potash, a mineral vital to farmers worldwide, has been a very unpredictable industry in recent past. Priced at $1000 a ton in 2008 during its peak years, Potash is now being priced at $350 in the settlement of a Chinese contract. It is this contract, however, which might just save the industry from recent woes.
Metals lead S&P Commodity Index in 2009
Industrial metals led the Index in 2009 with a gain of 82.42% as recorded by the S&P GSCI Industrial Metals Index. For the decade, the S&P GSCI posted a cumulative total return of 63.69% led by a 265.84% increase in the S&P GSCI Precious Metals Index.
US to drill more for oil and gas
The US domestic production from federal onshore oil and gas wells makes up 11% of US natural gas supplies and 5% of the country’s oil. The Obama administration is already in the midst of a fight with the oil and gas industry over proposals to raise billions of dollars. This is as additional taxes from energy companies.