February 24th, 2010
The dollar remained steady today. The dollar was the safe haven after some tough economic news hit the streets. A lack of buying interest for other currencies helped the dollar to stay steady against the euro and sterling.
The Commerce Department’s home sales report had unexpectedly reported new home sales falling 11.2% in January. Germany’s economic recovery came to a halt. Ben Bernanke told lawmakers that flat oil prices will keep inflation in check. He went on to say that an increase in goods and services in the private sector only can aid further sustained growth in the U.S. economy.
The dollar is looking better technically against the euro.
Tags: bernanke, dollar, euro, home sales, oil, sterling
Posted in
financial, forex, government |
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February 23rd, 2010
Crude oil prices went up for two weeks in a row as the April contract hit just over $80 for the week. A strong Euro against the Dollar helped as a boost in manufacturing aided the rally. The U.S. Department of Energy reported figures that added to oil and gasoline inventories, but refineries reported running just shy of 80% capacity. This lent support to the bullish underlying tone and helped the market go up.
Consumer optimism is improving according to the oil traders and they brought that into play. Expect a pullback before prices continue higher. The key is $76.70 as a price below could spark a sell-off as the bears would pay attention again.
Tags: $80.00, oil
Posted in
energy, financial, trading |
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