Archive For "February, 2010"

Rescuers search for survivors in southern Chile; Red Cross workers warn residents to stay away from buildings. The country shuts down a large chunk of its world’s-largest copper mining operations.

U.S. stocks ended the day pretty much flat and the week with small declines. Investors seemed unable to make up their minds about the news, first driving stocks one way, then the other as the week progressed.

The dollar falls as much as 0.8% against the euro and declines versus other major currencies as a report about a possible deal to help Greece meet its financial needs supports the 16-nation currency.

The U.S. dollar trades mainly lower, especially against the euro.

Purchase would be part of Europe-wide plan to prop up Greece with as much as 25 billion euros if necessary.

NEW YORK (MarketWatch) — The dollar dropped 0.8% versus the euro on Friday after a media report said Germany is considering whether to buy Greek bonds through state-owned bank KfW Group, easing fears that Greece will have trouble tapping the market for much-needed financial support. The euro rose to $1.3658 in recent action, up from $1.3554 on Thursday. The dollar index , which measures the U.S. unit against a trade-weighted basket of rivals, fell to 80.253, compared to 80.744 in North American trade late Thursday.

The U.S. dollar falls versus rivals but moves off lows after U.S. growth is revised upward.

The euro is damaged goods, laid low by a debt crisis that has revealed the shortcomings of European economic and monetary union, economists say. But besides the Japanese yen, there’s not much else as a liquid alternative to the U.S. dollar.

The near-collapse of the dollar in 1933, and its subsequent recovery, can offer a blueprint for recovery should it happen that the euro breaks up.

NEW YORK (MarketWatch) — The dollar pared its losses versus the euro on Friday after a pair of reports showed consumer sentiment dipped this month and existing home sales fell 7.2% in January. The dollar index , which measures the U.S. unit against a trade-weighted basket of rivals, traded at 80.651, compared to 80.744 in North American trade late Thursday. The euro traded at $1.3578, paring its advance but still up from $1.3554 on Thursday. Also supporting so-called risk assets, the Chicago purchasing managers’ index came in higher than some economists had expected.