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Overnight Briefing

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The dollar hit 11 month high versus euro

Thu, Sep 11 2008, 06:08 GMT
by Jyske Bank Team

Jyske Bank

• Oil price hit 5 month low

• Australia jobless rate fell to 4.1 %

• New Zealand Central bank cuts rate by half point

Today’s main events:

• SEK Unemployment Rate

• USD Trade Balance & Import Price Index

• USD Initial Jobless Claims

• EUR ECB’s Trichet speaks

American Time Zone:

U.S. equities rose

U.S. stocks rose as investors snapped up energy shares trading at their cheapest level in 18 months, while better-than-forecast earnings at FedEx Corp. buoyed industrial companies. Exxon Mobil Corp., ConocoPhillips and Chevron Corp. led oil stocks to the biggest gain in more than a month and helped the Standard & Poor's 500 Index rebound from its steepest drop since February 2007. FedEx Corp. rallied 4.5 % as lower fuel costs helped boost profit at the largest air-cargo carrier.
Texas Instruments Inc., the second-biggest U.S. chipmaker, added 1.3 % after maintaining its third-quarter sales projection.

The dollar hit 11 month high

The dollar rose to an 11-month high against the euro as crude oil fell and Lehman Brothers Holdings Inc.'s plan to sell assets assured investors.
The yen fell against all of the major currencies on bets the Wall Street firm's attempt to shore up capital will encourage traders to buy higher-yielding assets funded by loans in Japan. The euro dropped earlier as the European Commission cut its growth forecast and Luxembourg Finance Minister Jean-Claude Juncker said the currency is overvalued.

Oil hit 5 month low

Oil futures fell to a five-month low in New York following a U.S. government report that showed fuel demand declined and refinery production dropped after Hurricane Gustav shut plants along the Gulf Coast.

Far East Time Zone:

Australia jobless rate fell to 4.1 %

Australian employment rose by more than expected in August while the jobless rate stunned analysts by falling to 4.1 %, pointing to far more resilience in the labour market than anyone had thought.
The Australian dollar firmed while bond futures lost early gains as the market reconsidered expectations for an interest rate cut as early as October.

New Zealand Central bank cuts rate by half point, kiwi tumbled

New Zealand's central bank slashed interest rates by a bigger-than-forecast half a percentage point on Thursday and said it expected to cut rates further to help an economy mired in recession.
The New Zealand dollar tumbled one U.S. cent to 23-month lows after the Reserve Bank of New Zealand cut its official cash rate to 7.5 %, citing tight credit conditions and marked economic slowdown.
NZD/USD traded between 0.6513 and 0.6613.

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Published on  Thu, Sep 11 2008, 06:14 GMT