By David Becker Oil prices consolidated despite a large run-up in the price of gasoline that lifted most of the petroleum complex higher. Brent prices moved higher, climbing 88 cents per barrel and topping $122. Prices on WTI were hampered by temporarily the dollar during the week, a rise in interest rates by the Chinese central bank, [...]
Forex currency statistics revealed that the Euro advanced the most since 2008 during the month of March. The currency continued to rally as France’s President and Germany’s Chancellor issued a statement indicating they would do whatever it took to support the region’s monetary unit. Despite the positive outlook, the Euro dipped as investors are concerned that a hike in interest rates may affect the economies of those E.U. countries with heavy debt.
Alan Ruskin, director of Group-of-ten-Forex strategies at Deutsche Bank AG, stated that the Euro is extremely strong at the moment, even despite the situation with Portugal and Ireland.
Meanwhile, the U.S. Dollar fluctuated against the Yen as President of the Federal Reserve Bank of Atlanta, Dennis Lockhart, stated that in spite of the country’s economic recovery, it still has a long way to go. Some analysts are speculating that Federal Reserve Chairman Ben Bernanke may not want to deviate from current monetary policies.
The Australian Dollar remained unchanged before the Central Bank issues its decision on interest rates.
The Pound Sterling strengthened against most of its peers on reports that the U.K.’s construction sector grew at a quicker pace than anticipated. This boosted optimism causing the Pound to reach its highest trading value in a week against the U.S. Dollar. Live Forex reports revealed that building activity reached an almost eight month high.
credit to Mr. DAVID SUMNER
