Crude Oil Jumps on Consumer Spending Surge
U.S. 10-year Treasury bonds declined the most in a week, with the Fed and ECB’s ongoing efforts to ease the credit crunch and prevent a recession cited as the driving force by traders. Earlier in the day, the Fed announced it will offer special auctions for as long as necessary to east the current problems.
The Japanese yen fell versus the dollar and euro, in part related to the Fed’s efforts. The Canadian dollar rose to a 3-week high, and the Chinese yuan reached its highest level versus the U.S. dollar.
Crude oil rose more than $2 to close at $93.31 per barrel, with the unexpected jump in consumer spending suggesting demand will remain high.
Copper had its best day in five weeks due to falling inventories, while gold and silver also rallied.
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