Overnight Briefing

JPY and CHF dropped

Fri, Jul 18 2008, 06:10 GMT
by Jyske Bank Team

Jyske Bank


  • Oil continued lower

  • BOJ June meeting

  • Asia stocks inch up as oil slides

Today’s main events:

  • DEM Producer Prices

  • EUR Trade Balance

  • GBP Public finances


American Time Zone:

JPY and CHF dropped

JPY and CHF dropped as a plunge in crude oil pushed stocks higher, encouraging investors to sell the currencies to buy higher-yielding assets.
USD also benefitted from the drop in the oil price and rose from 1.5860 EUR to 1.5835.

Oil continued lower

Crude oil fell more than USD 5, dropping below USD 130 a barrel for the first time in six weeks, as natural gas futures tumbled and on signs slower global economic growth is curbing fuel use.

Far East Time Zone:

BOJ June meeting

Bank of Japan board members agreed that downside risks to the global economy remain high due to shaky financial markets and a stagnating U.S. economy, minutes of the bank's June 12-13 meeting showed on Friday.

Several members said more emphasis should be placed on downside risks to the Japanese economy than upside risks to prices, because of sluggish wages in Japan.

Asia stocks inch up as oil slides

Asian stocks edged up on Friday, helped by a 10 % decline in oil prices this week and results from investment bank JPMorgan that were not as bad as expected, though the outlook for earnings at other companies was less rosy.

The U.S. dollar has benefited from the decline in crude, gaining against major currencies and improving the prospects for Asian exporters. However, persistent worries about the stability of the financial sector continued to dog the currency, especially after Merrill Lynch & Co posted a loss that was more than twice as large as expected.

Published on  Fri, Jul 18 2008, 06:14 GMT

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