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Given the recent continuous rise of the Japanese yen and Swiss franc which may threaten their national economies, the authorities of Japan and Switzerland are likely to intervene in the foreign exchange market again this week. Japanese Minister of Finance Yoshihiko Noda recently stated that Japan will continue to closely monitor the trends in the forex market and take decisive action when necessary. Additionally, it is reported that the Swiss National Bank will soon set a specific target price and intervene in the foreign exchange market when necessary. Moreover, due to the strong performance of the U.S. stock market and the decline of the dollar exchange rate, Dongfang Futures reports that international crude oil closed at its highest price in nearly two weeks.
According to data displayed by the New York Mercantile Exchange: September-delivery light sweet crude oil futures prices rose by $2.50, closing at $87.88 per barrel, an increase of 2.9%, with intraday highs touching above $88 per barrel. Compared to the same period last year, New York crude oil futures prices have risen by 17%. In last week's trading, New York crude oil futures prices fell by 1%, and since August 3, they have never closed above $87 per barrel. On the London ICE European Futures Exchange, September-delivery Brent crude oil futures from the North Sea rose by $1.67, closing at $109.70 per barrel, an increase of 1.6%. Calculated by closing prices, the difference between Brent crude oil futures prices from the North Sea and New York light sweet crude oil futures prices was $21.82 per barrel, a gap that hit a historical high of $25.54 per barrel on August 11.
According to Moody's Analytics, the company downgraded its forecast for U.S. economic growth in the second half of this year today. Based on their current prediction, U.S. economic growth in the second half of this year will be 2%, and the growth speed in 2012 will slightly exceed 3%, while previously Moody's Analytics had predicted U.S. economic growth from now until 2012 would be 3.5%.
In general, although crude oil prices have continued to climb in recent days, considering the volatility of changes in market sentiment, the future trend of crude oil remains complex.
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