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Overnight Briefing
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U.S. stocks rose
Fri, Aug 15 2008, 06:34 GMT
by Jyske Bank Team
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EURUSD lower on Euro data
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AUD near lows
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Gold below USD 800
Today’s main events:
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NOK: Trade balance
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USD: N.Y. Fed manufacturing
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USD: TICS data
American Time Zone:
U.S. stocks rose
U.S. stocks rose for the first time in three days after a trade group loosened restrictions on Fannie Mae and Freddie Mac to help revive the mortgage industry.
Fannie Mae and Freddie Mac, the largest sources of financing for U.S. home loans, each jumped more than 7 percent after the Securities Industry and Financial Markets Association said larger loans financed by the two companies will be allowed in the main market for mortgage bonds. PMI Group Inc., the second-biggest mortgage insurer, rallied 49 % on plans to raise cash by selling businesses. General Motors Corp. climbed the most in a month on falling oil prices and the automaker's plan to accelerate a cost-cutting program.
EUR/USD dropped on weak euro data
The euro dropped to a 5 1/2-month low of USD 1.4780 against the dollar after crude oil fell and a report showed Europe's economy contracted for the first time since the 15- nation currency was introduced almost a decade ago.
Oil continued lower
Crude oil fell on speculation that fuelconsumption declines in the U.S. will spread to other countries as their economies slow.
Far East Time Zone:
AUD near lows
The Australian dollar fell towards recent seven-month lows against the U.S. currency on Friday, hurt by weak retail sales data from New Zealand which underscored expectations for lower interest rates in the region.
The Aussie fell to as low as USD 0.8649 against the U.S. dollar, not far from a sevenmonth low of USD 0.8590 struck earlier this week, with investors pricing in a better-thaneven chance of a 50 basis point rate cut in Australia next month.
Gold below USD 800
Gold tumbled below USD 800 an ounce in Asian trading as the dollar headed for its longest winning streak in more than two years, reducing the appeal of the metal as an alternative investment to U.S. assets.
Published on Fri, Aug 15 2008, 06:39 GMT
Archive
- U.S. Stocks slid
Published On Tue, Dec 2 2008, 05:54 GMT - U.S. Stock market closed
Published On Fri, Nov 28 2008, 05:59 GMT - ECB's Nowotny: More room for rate cut
Published On Wed, Nov 26 2008, 05:49 GMT - U.S. equities rose again
Published On Tue, Nov 25 2008, 05:44 GMT - U.S. equities rose
Published On Mon, Nov 24 2008, 05:48 GMT
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