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Crude oil futures shot to their highest value in nearly 90 days amid economic data indicating the strongest U.S. economic growth in 12 months and progress with the sovereign debt crisis in the euro zone, according to published reports. The U.S. Department of Commerce announced the nation's gross domestic product gained 2.5 percent during the… Read more.
Credit rating services' reductions to three euro zone nations pulled down the value of the 17-nation single currency on Friday, serving as a blunt, bleak reminder of the infectious contagion of the sovereign debt crisis, according to Reuters. Moody's slashed U.K. banks' ratings while both Spain and Italy were subject to cuts by Fitch Ratings.… Read more.
The reduction of a euro zone nation's credit rating pulled down the value of the common currency of the European Union on Wednesday against the U.S. dollar and the Japanese yen, according to Bloomberg. Moody's Rating Service, in addition to downgrading Italy's rating, also warned other regional nations that hold perfect debt ratings that their… Read more.
Increased pressure on euro zone officials to solve the sovereign debt crisis prompted the Japanese yen and the U.S. dollar to drop in value as global stocks rallied following officials' efforts to address the crisis and prevent the contagion from further spreading, according to Bloomberg. Three currencies that advanced against the world's reserve currency are… Read more.
Gold prices edged higher Tuesday morning and are poised to climb on the latest damage inflicted by the sovereign debt crisis: Standard & Poor's ratings service reduced the sovereign debt rating of Italy, Dow Jones Newswires reports. Bloomberg reports the rate cut might prompt an increase in regional borrowing costs. Yet Tuesday's increase in gold… Read more.
War-torn yet oil-rich Libya will revert to shipping crude oil by the end of the weekend, Bloomberg reports. As the host of the largest reserves of oil in the African continent, Libya slowed down its exports of the energy commodity earlier this year as the Arab Spring gained steam. After Tunisia and Egypt ousted their… Read more.
New concerns about the sovereign debt crisis tearing through the euro zone drew down copper futures on Tuesday as raw material demand slipped with optimism about prospects of the global economic recovery, according to Bloomberg. Forex pros reports the industrial metal dropped in value on Monday, which was a federal holiday in the U.S. Following… Read more.
Concerns about the sovereign debt crisis ensnaring additional nations pushed gold futures to record highs on Tuesday morning, according to published reports. Bloomberg reports the precious metal's push to record highs is attributable to worries about euro zone banks suffering the consequences of the debt crisis that already has victimized Ireland, Greece and Portugal. Bullion's… Read more.
Gold futures are set to lose value Monday, driven down for the third straight day amid equity market advances, Bloomberg reports. Demand for the precious metal as a haven asset slowed down amid reduced preoccupations that economic growth has struck a rough patch. July saw retail sales in the U.S. increase the most since April… Read more.
Gold futures raised eyebrows Wednesday by not advancing to record prices. Since Friday of last week, when the U.S. credit rating was downgraded by Standard & Poor's from AAA to AA+, the precious metal has skyrocketed in value. It passed two benchmark prices: $1,700 per troy ounce and $1,800 per troy ounce. But on Thursday,… Read more.