Market News Updates
GM and Chrysler LLC may need more than $21.6 billion aid from the Government
March 20, The auto adviser of US Treasury- Steven Rattner said, Chrysler LLC and General Motors may need more financial aid from the Government than they previously asked for. Earlier the companies requested for a financial aid worth of $21.6 billion from the Government which is appearing not enough. According to Rattner, the amount needed by these companies might be significantly higher than the previous assumption.
US Home price may drop significantly in the coming year
March 20, A significant drop in the home prices may hit the real state sector of US according to a recent survey that was released on Friday. According a survey on US homeowners, the value of their homes might fall 2.2 percent next year which is the biggest anticipated fall in the last few years. The predicted decline for the month of March was steeper than the average fall for February which was 1.9 percent.
The US dollar gain followed by the fall of gold price in New York
March 20, Price of gold fell after USD rebounded reducing the safe heaven impression of the yellow metal in the market. However, silver have seen rise. The US dollar rebounded for the first time in nine sessions against the major currencies. Gold have seen a gain of 8.4 percent this year before Friday while dollar gained 2.2 percent.
Oil falls from four month high
March 20, Oil price dropped from four month high on Friday due to a weaker Dollar. The drop was also boosted by the doubt about the positive outcome of US Federal Reserve’s financial package worth of $1 Trillion to help the shrinking US economy. However yesterday, oil price reached $51.61 per barrel- the highest since November 28.
Euro drops sharply against USD due to weaker global equities
March 20, Euro has lost the momentum of a three day straight gains against dollar due to moderately weak global equities. EUR/USD passed relatively a quiet Asian trading session. However, the European session have seen a modest rally as Euro touched the 1.3726 USD point. But Euro dropped significantly just before the North American session where it was trading for mid 1.35 USD.
Tags: Chrysler, Euro, GM, gold, home price, Oil, silver, US, USD