Global| Jan 27 2003US Dollar Down, Commodity Prices Strong
by:Tom Moeller
|in:Economy in Brief
Summary
The trade weighted value of the US dollar has fallen sharply during the last year, down 12.4% since year ago levels. In 2003 alone the dollar's value has shed 2.4%. The Euro has risen almost 20% against the US dollar during the last [...]
The trade weighted value of the US dollar has fallen sharply during the last year, down 12.4% since year ago levels. In 2003 alone the dollar's value has shed 2.4%.
The Euro has risen almost 20% against the US dollar during the last year, rising above parity in early November.
Commodity prices conversely have been quite strong. The JOC-ECRI index of industrial commodity prices is up nearly 20% since last year. And the gain has not been limited to oil prices which are up 79%.
Metals prices are up 12.3% on the strength of higher steel scrap prices, up 46.5%, and higher prices for copper scrap, up 12.7%.
Gold prices during the last year have risen by nearly one third to $365.00.
Existing Home Sales Strongby Tom Moeller January 27, 2003
Sales of existing single family homes rose more than expected last month, completing the strongest year ever for home sales. Sales in November were revised up very slightly.
Home sales rose in December in each of the country's regions. For the year, home sales rose 3.5% in the Northeast, 6.0% in the Midwest, 4.9% in the South and 8.2% in the West.
The median price of an existing home rose 1.6% in December to $164,000, up 7.8% for the full year.
The figures reflect closings of past home sales.
The average rate on a conventional 30-year mortgage fell slightly last month versus November to 6.05%.
| Existing Home Sales (000, AR) | Dec | Nov | Y/Y | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|
| Existing Single-Family | 5,860 | 5,570 | 12.7% | 5,605 | 5,291 | 5,159 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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