The dollar fell against the euro and yen on Friday after a new survey showed American consumer confidence fell sharply while manufacturing in the New York region tumbled, leading to more worries about a possible recession.
Gold posted gains on Friday on concerns that interest-rate cuts in the U.S. will increase demand for the metal as an alternative to the dollar.
The dollar fell against the euro on Friday after a gauge of consumer sentiment plunged to its lowest level since 1992, adding to fears that the U.S. economy may be slouching toward recession.
U.S. stocks dropped for the first time this week on Thursday, after Federal Reserve Chairman Ben Bernanke forecasted sluggish economic growth in 2008. The Dow Jones Industrial Average fell 175.3 points, or 1.4 percent, to end at 12,377, with all but one of its 30 components ending in the red.
The dollar fell on Thursday against the euro after Federal Reserve chief Ben Bernanke signaled that policy makers were ready to lower interest rates if the U.S. economy continued to deteriorate.
Gold futures edged slightly higher on Thursday as the dollar fell against major currencies Thursday after Federal Reserve Chairman Ben Bernanke said the U.S. economic outlook had worsened and urged the central bank to support growth.
Federal Reserve Chairman Ben Bernanke on Thursday held the door open to more interest rate cuts to help the struggling economy, but told Congress the central bank expects growth to pick up later in the year. The Fed will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks, Bernanke told the Senate Banking Committee.
Copper futures gained on Friday after inventories dropped and President Bush presented a proposal to stimulate the slowing U.S. economy.
U.S. gold futures ended a volatile week on a slightly higher note, after an emergency tax-relief plan announced by President Bush did not ease investor recession concerns, raising the appeal of the precious metal.
U.S. stocks fell a fourth consecutive day on Friday, causing the Standard & Poor's 500 to drop the most in five years on concerns that the White House effort to boost the economy may not prevent a recession.
Crude oil rose on Friday ahead of President's George W. Bush's economic stimulus package speech at the White House.
Gold futures dropped on Thursday after Federal Reserve Chairman Ben Bernanke voiced his support for an economic stimulus plan to prevent a recession.
The dollar fell on Thursday after comments by Federal Reserve Chief Ben Bernanke echoed a statement made earlier this week signaling that the Federal Reserve would continue to cut interest rates, reducing the attractiveness of deposits in the currency.
U.S. stocks fell on Thursday after Federal Reserve Chairman Ben Bernanke said that the economic outlook has worsened and Merrill Lynch & Co. reported the a big loss related to the struggling mortgage lending market.
Federal Reserve Chairman Ben Bernanke said Thursday he backs a quickly implemented fiscal stimulus package to complement the Fed's monetary policy aimed at boosting the slowing U.S. economy.
The dollar dropped on Thursday after Federal Reserve Chairman Ben Bernanke told a congressional committee that more interest rate cuts may be necessary and that the economic outlook has worsened.
The dollar fell near its all-time low on Monday on speculation poor results from major U.S. banks this week will prompt the Federal Reserve to cut interest rates.
Oil prices declined for the third consecutive day on Friday on fear and speculation that the U.S. – the top oil consumer- is heading towards an economic recession, thereby weakening demand for the commodity.
Gold futures topped the $900 mark on Friday, closing higher for a fourth session as investors speculate the Fed will further cut interest rates in a bid to save the economy from a recession, while the dollar also weakened and boosted investment appeal of the precious metal.
Oil prices on Friday declined amid fears that the US economy is headed for a recession that may result into decreased demand for oil despite US being the largest energy consumer.
Copper futures ended Thursday recovering losses early in the session to settle down slightly after Federal Reserve Chairman Ben Bernanke signaled that interest rates may need to be lowered to boost the economy.
Gold futures rallied on Thursday reaching a record-breaking high with silver also rising after the dollar slumped on news of a further interest rate cut by the central bank.
