Dollar Falls Against Euro
The US dollar continued to struggle against the euro falling under $1.36 for the first time since March.
“The prevailing flow now is negative for the dollar, negative for the yen, positive for the commodity-linked currencies and higher yielders,” said Michael Woolfolk, senior currency strategist at Bank of New York Mellon in New York. More
US Banks to Sell Shares to Pay Gov’t Loans
US Bancorp, Capital One Financial Corp, and BB&T Corp. intend to offer additional common stock to raise money with which they plan to repay funds they received under the Treasury Department’s Troubled Asset Relief Program (TARP). More
Oil Retreats From Last Week’s Highs
Crude oil for June delivery pulled back from its high of last week to under $58 a barrel to $57.85 in afternoon trading in Singapore. Oil has been tracking steadily upwards despite a 19-year high in oil inventories in the US.
“Oil has been strongly influenced by stocks lately,” said Victor Shum, energy analyst at consultancy Purvin & Gertz in Singapore. “Investors are counting on a global economic recovery to boost demand.” More
China’s Consumer Prices Continue Fall Another 1.5%
Consumer prices in China continue to fall with April results showing a 1.5 percent decline. This follows on a 1.6 percent drop in February and a 1.2 percent decline in March. More
