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The dollar extends the rise on growth jitters
The market remained downbeat on Thursday with losses extending from commodities to equities keeping the demand for refuge intact and powering the dollar to conquer all.
Fears spread over the outlook for growth with the decline in commodities extending heavily and affecting equities. The debt crisis was also weighing negatively on the sentiment which weakened the euro further with the bleak outlook for indebted nations.
China extended the downside pressure on the market as the central bank raised the reserve requirements for banks for the fifth time this year to anchor inflation that rallied to an annual 5.3% in April.
This downbeat sentiment kept refuge demand on the dollar and only the dollar, where already gold is under heavy liquidations with the commodities rout and the yen is ...
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Dollar Correction Continues to Build Strength with Declines in Silver
The rally in the dollar continues to build on last week's gains as silver prices have fallen below last week's low in line with gold and crude oil prices. The sell-off in commodities and global equities has helped to strengthen the dollar as long commodity trades are unwound.
Silver is limit down today as the selling from yesterday carried over into today's European trading. The commodity is being sold as a bout of risk aversion has hit financial markets. An initial cause of the selling may be linked to a flare up in the Greek debt crisis as European leaders search for alternative measures. According to a Dow Jones Newswires a majority of European countries believe a Greek debt restructuring (also known as default) is inevitable.
Another explanation for the sell-off in commodities may ...
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The superpower's retails sales came out lower than the market forecasts but higher than the prior mo
The U.S retail sales came out lower than what was highly forecasted by the market for this past month reflecting clearly the effect of the significant gains in fuel and food prices that were witnessed throughout this past period, still this rise came in higher than the prior month, confirming as well that the higher bills spent on gasoline and groceries left American with less money for any other acquisitions.
If truth be told the U.S department of commerce showed for April an incline by 0.5 percent of the advance retail sales for April from a prior smaller incline of 0.4 percent witnessed the prior month, although the market forecasted even a higher incline of 0.6 percent while that the retail sales less autos for the same period came in as projected at 0.6 percent from 0.8 percent and ...
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Dollar index climbs to 3-week high, euro falls
The dollar index scaled a three-week high on Thursday as a sell-off in commodities prompted an unwinding of dollar-funded bets on risky assets, a reversal that pushed the euro to a six-week low against the greenback.
The euro broke below a key level at $1.4150 and fell to its lowest since April 1, which technical analysts said leaves open the prospect of falling toward $1.40. However, traders said bids above $1.4100 could limit falls for now. Near term support is seen near its April 1 low of around $1.4060.
The single currency remained under pressure from euro zone periphery woes, as concerns increased that Greece's debt burden may be unsustainable. The euro fell to its lowest since March 24 against the yen.
The Australian dollar and other commodity currencies did not react to China's ...
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Commodities extend rout, risk aversion hits shares
Silver prices tumbled 7 percent on Thursday as concerns that a weaker global outlook may quell demand for natural resources deepened a commodities sell off and prompted investors to purge risky assets in favor of the dollar.
London Brent crude extended the previous day's big losses while copper plumbed a five-month low, and the ongoing sell-off in commodities stung European mining and energy shares, pushing the FTSEurofirst 300 .FTEU3 down 1.3 percent.
Silver and European shares both fell below their 100-day moving averages, which had been seen as key technical support levels, opening the door to further selling.
U.S. stock futures slipped 0.6 percent, suggesting U.S. bourses may fall later in the day.
Gold and oil prices relinquished early gains made in Asia, as investors remain ...
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Oil extends slide to $111 on demand concerns
Oil fell to around $111 a barrel on Thursday, extending the previous day's $5 slide, after the International Energy Agency cut its global demand forecast and China raised banks' reserve requirements ratio.
Gold and copper also fell and silver was set for its biggest two-week slide in nearly 25 years as another wave of selling hit commodities, exacerbated by the strength of the U.S. dollar.
Brent crude fell $1.67 to $110.90 a barrel by 1131 GMT, adding to Wednesday's $5 drop, which was sparked by rising U.S. gasoline inventories and falling domestic demand for the fuel. U.S. crude lost $2.50 to $95.71.
In a monthly report, the IEA cut its 2011 global oil demand growth forecast to 1.29 million barrels per day (bpd) from 1.43 million bpd, citing high prices and a weaker economic outlook ...
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Fed must reverse stimulus if rebound holds: Plosser
A leading Federal Reserve policy hawk who votes on the U.S. central bank's interest rate decisions this year said on Thursday there is a risk inflation could jump higher and the Fed should be ready to throttle back easy money policies before long.
"If the economy continues to make progress, then monetary policy will need to exit from its extraordinary accommodation in the not-too-distant future," Philadelphia Fed President Charles Plosser told the New Jersey Bankers Association.
In his first speech since the central bank agreed at its last meeting April 26-27 to complete a $600 billion bond buying program on schedule at the end of June, Plosser said he is concerned about risks that inflation could surge as a result of higher energy and commodity prices.
Plosser agreed with the Fed's ...
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Retail sales rise on food and gas
The economy struggled to gain momentum early in the second quarter, with retail sales posting their smallest rise in nine months in April and wholesale prices increasing more than expected.
In addition, other data on Thursday showed new claims for jobless aid fell 44,000 to a seasonally adjusted 434,000 last week, but remained too high to signal strong labor market recovery.
Total retail sales increased 0.5 percent after an upwardly revised 0.9 percent in March, the Commerce Department said. The rise in sales, which marked 10 straight month of gains, was on the back of increases in receipts at gasoline stations and food stores.
Economists polled by Reuters had expected retail sales to increase 0.6 percent last month.
"The rise in retail sales were basically related to higher gasoline ...
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Core producer prices rise 0.3 percent in April
U.S. core producer prices rose 0.3 percent in April for the second consecutive month, while the increase from a year ago was the largest since August 2009, the Labor Department said on Thursday.
Economists surveyed by Reuters had expected a rise of 0.2 percent in the core producer price index, which excludes volatile food and energy components from prices paid at the farm and factory gate.
In the 12 months to April, the core producer price index rose 2.1 percent, the biggest increase since August 2009.
Overall producer prices rose 0.8 percent in April, after a 0.7 percent rise in March, the department said. Economists had expected a 0.6 percent rise.
The 6.8 percent rise in producer prices over the past year was the most since September 2008, the department said.
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