The dollar nudged higher against the euro and yen on Monday as investors focused on high oil prices
Published:
25 May 2004 y., Tuesday
The dollar nudged higher against the euro and yen on Monday as investors focused on high oil prices, which took centre stage at a weekend meeting of Group of Seven financial leaders.
The single European currency fell to $1.1952 in early European trading from 1.1993 late on Friday in New York. The dollar edged up to 112.63 yen from 112.41 on Friday. "Oil prices will remain in focus this week," said Michael Klawitter, analyst at West LB. G7 powers made no mention of the foreign exchange market in their statement on Sunday, calling instead on oil producers to boost production.
"Low oil prices would be a benefit to the whole world economy," finance ministers of Britain, Canada, France, Germany, Italy, Japan and the United States said in a joint statement after talks in New York.
G7 ministers said in the communique: "The summit is taking place at a time when the world economy is strong. "The recovery is proceeding rapidly, with global growth of around 4.25 per cent in 2003-04, the best growth rate in the world economy in the past 15 years," the ministers said.
Financial markets were keeping a close eye on comments from Organisation of Petroleum Exporting Countries ministers gathering in Amsterdam for an energy forum. Saudi Arabia proposed that OPEC increase production by more than two million barrels per day, but other members of the cartel did not give it their immediate backing.
Šaltinis:
jang.com.pk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is increasing the availability of financing to the real economy in Hungary, with a €50 million credit line to CIB Bank, including at least €10 million equivalent denominated in Hungarian Forint.
more »
At the end of March 2010, AB Bank SNORAS deposit portfolio exceeded LTL 5 billion, of which over LTL 3 billion are household deposits.
more »
In affirmation of Vietnam’s remarkable progress towards Middle Income Country status, the World Bank Board of Directors today approved a second loan for Vietnam from the International Bank of Reconstruction and Development (IBRD).
more »
The World Bank today approved a EUR26 million loan to the Republic of Croatia aimed at further improving the efficiency of Croatia’s justice system − a necessary process in Croatia’s path towards successful European Union accession.
more »
The ACP-EU Joint Parliamentary Assembly asked the European Commission to help EU and ACP banana producers adapt to the new EU-Latin America trade agreement, which is expected to put an end to fifteen years of “banana wars” between the two continents, but has raised concerns for the livelihood of some regions' producers.
more »
As seventeen of Africa’s 53 nations celebrate 50 years of independence in 2010, Africa’s “golden moment has come” and investors around the globe must look to the continent often painted only as risk-prone if they are to capitalize on business opportunities.
more »
During the ordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 31st March 2010, the bank’s profit distribution was approved.
more »
The EU is the world's largest economy, with enough international clout to return to "real capitalism" rather than resign itself to an alien "financial capitalism", concluded MEPs and experts at a public hearing held on Thursday by Parliament's special committee on the crisis.
more »
Food quality and labelling are likely to be key issues when the Common Agriculture Policy is overhauled in the coming years.
more »
The European Investment Bank (EIB) is lending EUR 250 million to Russian company Enel OGK-5 to finance the upgrading of a gas fired power plant located in Nevinnomyssk, South Russia.
more »