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LiveWire Economics Blog - April 23, 2010 8:49
Dollar shines after upbeat unemployment and housing news
Two very positive reports on the economy Thursday (April 22) morning have helped strengthen the dollar against major currencies and commodities. Home sales were relatively strongly during the month of March and last week’s new jobless claims fell by 24,000 from the week before, in line with analyst estimates.
Dollar wins as $18 billion jobless benefits bill becomes law
The dollar made gains on Thursday (April 15) against most major currencies and also put a wrap on driving oil prices and gold prices. The dollar’s strength is due partly to the rapid passing of an $18 billion extension of unemployment benefits for hundreds of thousands of people that have been struggling after their state-paid [...]
Dollar gains on March jobs growth
For only the second time in the 27 month period since the start of the US recession, employers have added jobs. This is the news from the US Labor Department in its monthly payroll report for March released early Friday (April 2) morning.
Crude oil prices near $84
Crude oil prices continued to gain on Wednesday (March 31) thanks largely to the falling dollar. The price of a barrel of crude oil for May delivery settled at $83.76 on the New York Mercantile Exchange. This was a gain of $1.39 or 1.7 per cent.
Gold pendulum swings the price back over $1,100
Gold prices have bandied about quite a bit in the last two months while maintaining a relatively modest range of less than $90. The high point for gold in the last 60 days was $1,139.60 per ounce at the start of March and the low point was $1,052.25 in early February.
Oil hits highs and pulls back.
Crude oil prices cruised to their highest level of 2010 Wednesday (March 10) morning, before quickly reversing, as speculators consider new data on the level of crude supplies released by the Energy Information Administration.
Pound down against dollar, Euro in trouble
The British Pound has dipped below $1.52, currently (February 26) trading at below $1.5. This is the lowest level for the British currency against the dollar since mid-May 2009.
Oil prices climb after Bernanke speaks of low interest rates
The dollar has been firming up in the last several weeks, thanks in large part to growing expectations of a tighter monetary policy leading to higher interest rates. Federal Reserve Chairman Ben Bernanke tried to reassure Americans and quash some of those assumptions with his comments to Congress about the economy Wednesday (February 24).
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