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Main » 2011 » March » 23

NEW YORK -- The dollar rose broadly in New York trade Wednesday as Middle East violence, Japan's nuclear crisis, and euro zone debt convulsions prompted a renewed interest in the greenback as an attractive safe-haven option.

Notably, the dollar traded up to session highs against the Swiss franc and reversed a trend of the bulk of safe-harbor flows pouring into the Swiss currency. The dollar had recently plumbed several record lows against the Swiss franc. In part, the Federal Reserve policy of persevering with ultra-loose monetary policy--along with still-soaring oil prices that threaten to stoke inflation--had conspired to limit the appeal of the greenback.

Last week's intervention by the Group of Seven had stabilized markets to a great degree. But there were signs that that tranquility was fading quickly, said analysts.

"The euphoria is wearing off after G- ... Read more »

Views: 451 | Added by: kum01049 | Date: 2011-03-23 | Comments (0)

NEW YORK -- Oil futures rose Wednesday as fighting continued in Libya and the U.S. government said U.S. gasoline supplies fell sharply last week.

Light, sweet crude for May delivery rose 77 cents, or 0.7%, to $105.74 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange was down 9 cents at $115.61 a barrel. The front-month Nymex contract got a roughly $1 boost with the expiration of the April contract on Tuesday, which settled at $104 a barrel.

The U.S. and its allies continued to pound forces loyal to Col. Moammar Gadhafi in Libya, where 1.3 million barrels a day of oil exports have been sealed off by the fighting and Western sanctions. The U.S. said Tuesday the pace of attacks should slow in the coming days, though market participants have been gripped by uncertainty over how long the fighting will last.

"Continued insufficie ... Read more »

Views: 479 | Added by: kum01049 | Date: 2011-03-23 | Comments (0)

US Feb New Home Sales Fall 16.9% To Record Low
By ALAN ZIBEL AND JEFF BATER
Of DOW JONES NEWSWIRES

WASHINGTON -- Sales of new homes plunged last month to a new record low and prices fell to the lowest in more than seven years as the U.S. housing market sputters even as other parts of the economy turn around.

Sales sank 16.9% from a month earlier to a seasonally adjusted annual rate of 250,000 in February, the Commerce Department said Wednesday. The previous record low of 274,000 was set last August.
New Home Sales Feb Jan Overall Sales:    250K    301Kr
Percentage Change:    -16.9%    -9.6%r
Months' Supply:    8.9    7.4r
Consensus: 290K
Actual: 250K

The results were far worse than forecast. Economists surveyed by Dow Jones Newswires had predicted the sales rate would rise 2.1% to an annual rate of 290,000. Sales were down 28.0% from February 2010.

... Read more »
Views: 472 | Added by: kum01049 | Date: 2011-03-23 | Comments (0)

With gold and silver still consolidating, today King World News interviewed Bill Fleckenstein, President of Fleckenstein Capital.  When asked about Fed Chairman Bernanke Fleckenstein stated, "He has been pursuing similar policies to Greenspan and their answer to everything is money printing.  They are oblivious to the fact that the excess stimulus they create helps precipitate the bubbles, which leads to disasters, which leads them to more money printing.  It’s really sort of shocking to think that these are all theoretically well educated men.”

March 22, 2011

When asked what to look for going forward for gold and silver Fleckenstein remarked, "I think it’s more of the same, more inflation, more watering down of paper money and a continuation of the trends that we have seen.  All of those things are going to be supportive of the price of precious metals.  I don’t see the central banks doing anything to retard that process.  I mean they are al ... Read more »
Views: 406 | Added by: kum01049 | Date: 2011-03-23 | Comments (0)