Crude Response To Greenspan
The yen had its biggest gain against the
dollar since October 1998
as a surge in Japanese stocks spurred demand for the
currency.
Investors drove the March yen
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reversed bets that Japan’s third recession in 10 years would keep weakening a
currency that fell to a three-year low in January. The yen’s rebound was sparked
last week when Japanese government measures to boost shares started a rally that
pushed the country’s benchmark Nikkei stock market index to a seven-month high.
The yen rose as much as 3.3% to 126.4 per dollar, its strongest level
since Dec. 14, from 130.67 yesterday, before falling back to 126.96. The
currency has gained 6% since the end of
January, buoyed by a 19% gain in the Nikkei 225 stock since the start of
February. The yen is the second-biggest gainer against the dollar in the past
five days. The dollar
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Crude oil had its biggest gain in more than
two months
on expectations that U.S. demand will strengthen while producers keep
export limits in place.
Federal Reserve Chairman Alan Greenspan said the economy is rebounding from a
recession, a sign that demand may be rising for petroleum products. Oil has
rallied 25% since OPEC-led supply reductions began on Jan. 1. The
producers want to keep output low at least through June.
Crude oil for April delivery
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price since Sept. 24 and the biggest one-day increase since Dec. 26. Prices have
been at or close to five-month highs since the end of February. Crude oil
settled at 23.71 up .56. April unleaded gasoline
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end at 76.38 and April heating oil
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Soybean futures rocketed to five-month highs on
the Chicago Board of Trade, reacting to reports of a U.S.-China agreement on the
trade of genetically modified agricultural products. Soybean prices jumped 1.5%
higher at the opening, reaching their highest level since mid-October. May
soybeans
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soybeans, even though the United States does not produce any genetically
modified wheat. Wheat for May delivery
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the end of trade. WK2 closed at 279.750 down 2.25; May corn
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pulled back to 207.750 down .500 a bushel.
Precious metals were trading mostly lower at midday with funds taking a cue from
overnight long liquidation in Japan. Fund selling was initiated Tuesday after the
Bank of England auction failed to hoist the price of April gold
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above the $300 level. The leading April contract on the Comex division of the
New York Mercantile Exchange closed $3.60 lower at $290.300 a troy ounce. May
silver [SIK2|SIK2] traded $4.48 – 5.5 cents lower than Wednesday at $4.485 an
ounce. May copper
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