Commodities are taking the brunt of the selling.
Oil, gold and copper were all weak late last week as investors took their profits and headed for the safety of US dollar investments, which in turn added to the downward pressure on prices.
Comex gold for April delivery fell $US10.20, or 0.9%, to end at $1,052.80 an ounce on Friday.
The metal lost 1.9% over the past week.
And on Thursday, gold saw its biggest one-day drop in 16 months, joining other metals in a broad sell-off as investors fled riskier investments over mounting concerns about European sovereign debt.
Oil futures also continued to slide on Friday, off nearly 3%, after briefly slumping below $US70 a barrel for the first time in two months.
Comex March copper fell 1 cent, or 0.3%, to $US2.86 a pound.
Copper lost around 6.5% last week, a big correction.
March silver for March fell 52 cents, or 3.5%, to $US14.83 an ounce.
Platinum futures also slumped, thanks to Toyota’s woes, and the April contract shed $US30.2 on Friday, or 1.9%, and closed at $US1,475.10 an ounce.
Corn, wheat and soybeans all fell for a fourth weak as the rising US dollar sent prices lower.
But pushed export prices above levels buyers are being offered from other exports (especially soybeans and wheat).
Oil in fact seems to be taking a hammering.
It fell as much as 5% after the euro slipped to the lowest level against the US dollar in eight months.
March crude closed at $US1.95, or 2.7%, to $US71.19 a barrel in new York on Friday.
That was down 2.3% for the week (but up 73% on a year ago).
Futures touched $US69.50, the lowest level since December 15.
The Reuters/Jefferies CRB Index of 19 commodities fell 2.1% to 258.17 on Friday, the lowest level since October 5.
Gold futures fell to a three-month low in New York as the US dollar’s rally tested the metal’s reputation as a store of value in troubled times.
The euro fell to an eight-month low against the greenback, pressuring gold prices lower for the fourth successive week.
Before ending at $US1,052.80 an ounce in New York, the most-active contract touched $US1,044.50, the lowest price since November 2.
The 2.9% fall last week cut the 12 month gain to just 15%.
Most share markets are still up 40%-50% in the same time, oil is up 73%.
