Thursday, October 4, 2012
Euro Climbs to Two-Week High Against Dollar
The euro soared to a two-week high against the U.S. dollar Thursday, as that and other factors accounted for a number of commodities also climbing.
Concerning the euro, European Central Bank President Mario Draghi reaffirmed his commitment to maintain and preserve the euro, as well as the monetary system of the area.
That announcement was what pushed the euro up against the dollar, which helped boost many other commodities as well.
Not only were commodities helped though, as the news from the ECB also helped Wall Street equities to soar as well.
Precious metals gold and silver were unsurprisingly higher, as was much of energy, although that was aided by Turkish strikes on Syria, which generated supply concerns, along with a fire at the largest refinery in the U.S, which is run by Exxon Mobil (XOM), along with another refinery fire in Russia.
In agriculture, corn, wheat and soybeans were all up on the day, after hitting a three-month low the day before. Sugar was also up.
Other metals rising included platinum and palladium in the U.S.