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Overnight Briefing

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USD close to record low

Mon, Jul 14 2008, 05:51 GMT
by Jyske Bank Team

Jyske Bank

• Oil rose to new record high and fell again

• U.S. takes bold steps

• NZ retail sales fall steepest in 4 years

• GBP PPI

• EUR Industrial Production

• GBP RICS house Price Balance
  
  

American Time Zone:

USD close to record low

The dollar dropped to within a cent of the alltime low against the euro on concern the U.S. government may be forced to take over mortgage lenders Fannie Mae and Freddie Mac.

Oil rose to new record high

Crude oil and gasoline rose to records on growing concern about violence in the Middle East and supply disruptions from Brazil to Nigeria.

Far East Time Zone:

U.S. takes bold steps

The United States on Sunday offered massive aid to Fannie Mae and Freddie Mac to bolster confidence in the mortgage finance giants and head off a potential meltdown in financial markets.

The dollar jumped and stock futures rallied on the powerful message of support from the U.S. Treasury and the Federal Reserve, which also drew criticism for being a potential bailout that could cost U.S. taxpayers dearly. Major Asian markets opened firmer on news of the U.S. proposals.

Unveiling the emergency measures to calm markets roiled by the country's prolonged housing crisis, the Fed said Fannie and Freddie could have access to its emergency cash, echoing a move to backstop investment banks after the Fed orchestrated a takeover of ailing investment bank Bear Stearns in March.

NZ retail sales fall steepest in 4 years

New Zealand retail sales fell at their steepest pace in over four years in May, backing views that the economy is in its first recession in over a decade and interest rates will fall in the next three months.

Seasonally adjusted sales dropped 1.2 % in May, the biggest monthly decline since February 2004, led by lower car and furniture sales, data showed on Monday.

The figure was much weaker than the 0.1 % gain forecast by analysts in a Reuters poll and follows a 1.2 % rise in April.

Oil falls on U.S. recovery

Oil fell over USD 2 to hover near USD 143 a barrel on Monday, following a strong rebound in the U.S. dollar, which came after U.S. Treasury and the Federal Reserve moved to help embattled mortgage lenders Fannie Mae and Freddie Mac.

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Published on  Mon, Jul 14 2008, 06:01 GMT