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Overnight Briefing

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U.S. market was closed Monday

Tue, Sep 2 2008, 05:59 GMT
by Jyske Bank Team

Jyske Bank

• Crude oil steady above USD 111

• The dollar index hit eight-month high

Today’s main events:

• CHF Consumer Price Index & GDP

• EUR Euro-Zone Producer Price Index

• USD ISM Manufacturing & ABC Consumer Confidence

• USD Construction Spending

American Time Zone:

US market was closed Monday

The US market was closed due to Labor Day.

Oil fell as Gustav weakened

Crude oil fell to its lowest in more than four months after Hurricane Gustav weakened, easing concern of widespread damage to drilling rigs and refineries.

Far East Time Zone:

Crude oil steady above USD 111

U.S. crude oil futures were steady on Tuesday, after falling sharply on Monday when concerns that Hurricane Gustav would cause lasting damage to the U.S. oil sector eased after the storm weakened before hitting the Louisiana coast.

Front-month U.S. crude for October delivery was trading at USD 111.23 a barrel on the Globex electronic trading platform, about 17 cents below levels late on Monday when the exchange did not issue an official settlement price due to the U.S. public holiday. On Monday, it fell USD 4.06 in electronic trading to USD 111.40 a barrel.

The dollar index hit eight-month high

The dollar hit an eight-month high against a basket of major currencies on Tuesday, getting a boost from a sharp drop in oil prices on expectations that Hurricane Gustav's damage to U.S. energy facilities may be less than feared. Sterling and the euro fell further after European Union leaders agreed on Monday to postpone talks on a new EU-Russia partnership until Moscow withdraws its troops to pre-conflict positions in Georgia, traders said

The market showed little follow-through reaction to the surprise resignation of Japan's Prime Minister Yasuo Fukuda on Monday, the second leader to step down in less than a year. The yen initially dipped on the news.

The euro dipped 0.2 % to USD 1.4575 after stumbling to a seven-month trough of USD 1.4556 in early trade.

Sterling touched a two-year low of USD 1.7850 before pulling back to USD 1.7925, down 0.5%.

The dollar index climbed 0.8 % to 77.75 after hitting an eight-month high of 77.823.

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Published on  Tue, Sep 2 2008, 06:05 GMT