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Overnight Briefing

551183d4-a3a3-4b0a-8e34-925df0b2abfa

5

0

U.S. Stock market closed

Fri, Nov 28 2008, 05:59 GMT
by Jyske Bank Team

Jyske Bank

• CAD fell vs. USD

• Yen holds firm despite weak data

• NZD lower on building data

• SEK: GDP, Retail Sales and Current Account

• EUR: CPI

• EUR: Unemployment Rate

• CHF: KOF Leading Indicator

American Time Zone:

U.S. stock market closed

Due to the Thanksgiving holiday, the U.S. stock market was closed on Thursday.

CAD fell vs. USD

The Canadian dollar fell 0.5 % against the U.S. dollar on Thursday as investors - with U.S. markets closed for Thanksgiving Day - focused on sagging commodity prices.

The Canadian dollar was at CAD 1.2358 to the U.S. dollar, down from CAD 1.2302 to the U.S. dollar at Wednesday's close.

Far East Time Zone:

Yen holds firm despite weak data

The yen held firm against the dollar in thin trade on Friday as fears of a long and deep global recession continued to highlight the relative safety of the low-yielding Japanese currency.

Japanese industrial production slid more than expected in October and manufacturers warned of record cuts ahead, in bleak news that points to more trouble for an economy already in recession.

Activity is expected to pick up later in the day as U.S. markets reopen after the Thanksgiving holiday, but price movements in Asia could be confined to a tight range due to month-end flows.

The dollar was trading at 95.30 yen, down slightly from late European trade on Thursday around 95.41 yen on demand from Japanese companies who need to pay for their imports at the end of the month. But talk of Japanese investors repatriating funds provided support for the yen.

The euro was little moved around 123.00 yen.and USD 1.2890.

NZD lower on building data

The New Zealand dollar eased slightly in light trade on Friday after domestic data showed building approvals hit a record low in October, reflecting an economy in recession.

Kiwi dribbles lower from opening levels around USD 0.5540, as risk appetite remains muted on fears over the global economic outlook. New building approvals fell 22 % in October, reinforcing the sharp slowdown in the housing market.

Local attention turns to the central bank's interest rate review on Dec 4, with a Reuters poll picking a 100 basis point cut to the 6.50 % official cash rate.

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Published on  Fri, Nov 28 2008, 06:04 GMT