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News
Dollar falls on lower consumer confidence, soaring oil
16 May, 2008 @ 06:11 pm EST
Eric Stewart
NEW YORK - The dollar versus the euro and yen on Friday after a report showing that consumer confidence in the U.S. fell as oil reached a new record.
The dollar fell to $1.5592 at 4 p.m. in New York, from $1.5448 late yesterday. The U.S. currency was down to 104.05 yen from 104.74. The euro rose to 162.25 yen from 161.79 on Thursday.
Crude oil reached new record on Friday above $127 before settling at $126.29 per barrel in New York, as investor placed their funds in commodities. Gold, copper and zinc also rose. Goldman Sachs Group Inc raised it oil price forecast from $107 per barrel to $141 per barrel on supply constraints.
U.S. consumer confidence fell in May, reaching its lowest level in nearly 28 years. The Reuters/University of Michigan preliminary index of consumer sentiment fell to 59.5 from 62.6 in April.
The lower confidence data outshone a report indicating that new home starts unexpectedly jumped.
Comments
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