Crude and Natural Gas Down
February 23, 2012 | 07:52 AM
Posted by David Mason
The USD held its ground against other major currencies in early trading today. The dollar looked strong as crude oil reached a nine month high, causing worry amongst investors that global growth could be limited. Oil is trading at 106.18 USD per barrel, a decline of 0.08%. The USD/JPY is down this morning by 0.15% and trading at 80.17. The Yen is at a seven month low against the greenback, signaling lucrative days ahead for Japanese exporters. The EUR/USD and the GBP/USD are both up this morning, trading at 1.3278 and 1.5693.
Homes sales rise in the U.S.
The housing market in the United States has spent years in depression. After the real estate bubble burst, the cost of housing plummeted. Years later, it appears that the real estate market is beginning to make the journey towards recovery. Previously owned home sales have increased by 4.3 percent over the last month and home sales overall are up by 13 percent over the last six. Despite the fact that home sales are still far below the 2008 levels, the steady increase can be attributed to a recovering U.S. economy and higher consumer confidence. The New Home Sales report will be released in the United States tomorrow.
Thursday and Friday are shaping up to be rather busy on the economic calendar. The Unemployment Claims report will be released in the United States. This report reveals the amount of Americans who have received unemployment for the first time. On Friday the Revised GDP quarterly will be released in the UK. The British GDP in the previous quarter dropped by 0.2%. Also on Friday, the New Home Sales report will be released in the United States. This report shows the number of new single family homes that have been purchased in the country.
Gold heading north
Gold is on the rise this morning, up by 0.27% and trading at 1776.05. Contrary to the norm, gold prices are up along with the USD. The precious metal usually declines when the greenback gets stronger. Investors grabbed gold positions after leaving the euro due to weak manufacturing data from the EU. Like gold, silver is up this morning, trading at 34.353, an increase of 0.29%. Natural gas is down due to the warmer than normal temperatures in Europe. Natural gas is down by 0.295 and trading at 2.788.