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The Oil Market Reaches 30 Month High

The Oil Market Reaches 30 Month High

The Oil has got its third gain in the world market as Libya is still a concern.

S. African rand steadies against dollar

rand steadies against dollar

On Friday, the South African rand continued to stand steady against the dollar and just shied away from the one-week high level. However, it seemed to be better prepared got further gains and has shown key resistance level to the previous session.

In the morning at 0700 GMT, the local stocks were at their highest start. They rose more than 1 per cent as compared to the previous session pulled up because of stronger metal prices. During the same time, the JSE's blue-chip June stock futures went up by 0.57 per cent.

No fly zone along with other measures to protect Libyans

Muammar Qaddafi

Nations like the United States, France and Britain came to a mutual decision on Friday of forming no fly zone over Libya. The decision was made to prevent Muammar Qaddafi's forces from attacking Libyans. Along with authorized no-fly zone other necessary measures are taken to protect civilians.

On Thursday UN conducted voting with a score of 10-0. In which 5 countries have not participated including Russia and China. India, Germany and Brazil show their doubts on approving military action.

Losing streak of South African stocks finally ends

blue chips stocks of South Africa

The blue chips stocks of South Africa on Friday finally ended a losing streak that had continued for consecutive four days. The blue chips stocks edged closer to the highest ever mark in the two and a half years with the commodity shares getting rallied. However the rand saw a decline due to the corporate selling as it had to drop against the dollar. This decline is the lowest ever in the past five months.

The dollar rose without US intervention in the 4th quarter

dollar

According to a report that got published on Thursday the trade weighted exchange value of the dollar changed very little in the fourth quarter of the year 2010 as it was reduced by a mere 0.4 percent according to the major currency index of the Federal Reserve board. In its quarterly report on foreign exchange.

The Federal Reserve Bank of New York City said that there is a sharp contrast in the Dollar’s trend if compared with the third quarter when the United States dollar had a sharp depreciation.

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American economy grows by 3.2 percent in the final quarter of 2010

American economy

American economy grew by an annual rate of 3.2 percent in the final quarter of 2010, partly encourage by exports and personal consumption as reported by the Commerce Department on Friday.

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Cocoa drops from its Longest Rally in 3 Years

Cocoa

Cocoa dipped, halting its longest rally in more than three years, on expectations that world supplies will be plenty even in the midst political restlessness in Ivory Coast, the largest producer of the world. Cotton and orange juice also declined.

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Oil inches higher above $87 a barrel in Asia

Oil inches higher above $87 a barrel in Asia

As the world economy is still fighting the after effects of the inflation, there are a lot of concern in the market since the price level of the oil continues to rise as the price have moved to $87 a barrel. The traders from Asia are weighing highly on President Obama’s policy towards the boosting of the US economy and China’s plan of raise the level of the interest rate in order to contain the rate of inflation.

Rand pushed lower by the Dollar purchase made by the central bank

Rand

South African Rand fell today as an effect of the central bank buying dollars. This came as an implementation of what central Bank earlier said that it will be building foreign reserves whenever it feels the situation appropriate. The Rand almost touched down on the 8-week low mark due the intervention by the central bank. According to sources the central bank’s purchase of dollar pushed the Rand as low as 7.1205.

IMF lifted its forecast of 2011 GDP Estimates because of Stronger U.S. Growth

International Monetary Fund

The International Monetary Fund had lifted its forecast for the world wide economic growth for this year, showing stronger U. S. output, on the basis of tax-cut extensions, while developing nations lead the recovery.

The world economy will be growing in the tune of 4.4 percent, which is more than the 4.2 percent expected in the month of October. Expansion next year is projected to reach four and a half percent, remaining intact from the month of October, the IMF stated today in an update to its World Economic Outlook report.

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