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Financial News Overview
5/16/2008
The dollar fell against a basket of world currencies. The low point it reached was a low point of the week. The weakened dollar reflected in higher commodities prices. Oil reached a fresh high of $127.82 per barrel before lowering to $126.30. Gold moved higher closing just over $900 per ounce. The CRB (Commodity Research Bureau) Commodity Index advanced more than 1.0%.
In terms of economic data, there was an increase in the number of housing starts for April The figure of 1,032,000 was above the 939,000 that economists had predicted. The number of building permits also moved higher 4.9% to 978,000.
The consumer sentiment survey for May was released by the University of Michigan. The figure came in at 59.5 while a reading of 62.0 was expected. The previous month’s reading had been 62.6.
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