Euro troubles and US economic data lift the dollar

Yahoo Finance ^ | 6/24/11 | AP

[NormsRevenge]

NEW YORK (AP) -- The dollar rose against the euro Friday after new data showed the U.S. economy grew slightly faster than was thought and fears were renewed over contagion from the Greek debt crisis.

The Commerce Department said that the economy grew at an annual rate of 1.9 percent in the first quarter, a touch higher than the 1.8 percent that was estimated a month ago.

Commerce also said in a separate report that businesses increased their orders for machinery, electronics products and airplanes last month. Durable goods orders rose 1.9 percent in May after a 2.7 percent decline in April.

In afternoon trading Friday in New York, the euro fell to $1.4167 from $1.4208 late Thursday.

The euro rose as high as $1.4306 overnight after European Union leaders backed a second bailout for Greece --

[NormsRevenge]

Gold drops a bit more to ~$1,500/oz.

I hope Greece is still above water thru late Fall.. and our economy.

[NormsRevenge]

Reuters has this

http://finance.yahoo.com/news/Wall-Street-falls-as-anxiety-rb-1250582432.html

Wall Street Falls As Anxiety Mounts Over Euro-Zone Debt- Reuters

Stocks headed for three days of losses on Friday on worries about the Italian banking sector and Greece’s austerity plan, but the S&P 500 managed to hold its 200-day moving average in a sign of market strength.

[NormsRevenge]

and some earnings were down..

http://finance.yahoo.com/news/Stocks-slide-on-tech-earnings-apf-4259926277.html

Stocks slide on tech earnings, European debt woes
Stocks fall on weak tech results and concern about European banks

—

-snip-

The Dow Jones industrial average fell 94 points, or 0.8 percent, to 11,955 in afternoon trading. The Standard & Poor’s 500 index fell 13, or 1 percent, to 1,270. The Nasdaq composite fell 30, or 1.1 percent, to 2,656.

The decline erased all of this week’s gains for the Dow Jones industrial average and S&P index. The broad stock market is on track for its seventh weekly loss in the last eight weeks.

Technology stocks were broadly lower. Micron Technology Inc. fell nearly 14 percent after the company said lower sales of computer chips hurt its earnings, which were far less than analysts had expected. Oracle Corp. fell 4 percent after its sales of computer hardware fell sharply. Cisco Systems Inc. fell 3 percent, and Microsoft Corp. lost more than 1.5 percent.

-snip-

[Oatka]

And in the meantime, the BDI (International shipping/trade) looks like stagnation after a couple of Dead Cat bounces:

[Opinionated Blowhard]

This only means we aren’t swirling down the crapper as quickly as Europe.

[NormsRevenge]

This only means we aren’t swirling down the crapper as quickly as Europe.

—

this week, anyway.

things change so rapidly these days.. or at least perceptions do.

[NoLibZone]

This will upset DNC-Soros crowd.

They are short sellers that make money when the US looses value.

[NormsRevenge]

Silver lining. LOL

[familyop]

It was the other form of QE that did it: flushing oil reserves into the market while flooding the earth with exaggerating propaganda. The artificially higher dollar is going to hurt more than most people can imagine.

Buy less. Get ready for TEOTWAWKI more. Refuse their maneuver.

[familyop]

BTW, it had little effect. Oil’s not down much, and the dollar’s not up much. It’s Friday, and the globalist politicians and their few constituent bosses shot their wad.

So Congress has about a month to either raise the debt ceiling or radically cut spending. Otherwise, the Executive (Obama Administration) can commence default or start cutting large numbers of employees. Slimy politicians will probably raise the debt ceiling and campaign for obfuscation and distraction.

The default is coming, regardless.