Oil for August delivery was at $88.53 a barrel

Currencies

EUR/USD The dollar weakened against most of its major peers amid speculation Federal Reserve Chairman Ben S. Bernanke will hint at further monetary easing in testimony today.

• The dollar lost 0.2 percent to $1.2293 per euro as of 12:28 p.m. in Tokyo from the close in New York yesterday. It traded at 78.91 yen after losing 1.1 percent in the past three sessions to 78.87. The yen fell 0.2 percent to 97 per euro. The common currency was at 78.49 pence after touching 78.32 yesterday, the lowest since October 2008.

GBP/USD The Sterling strengthened as with the U.K. in its first double-dip recession since 1975, exports to Europe falling and the Bank of England adding to the supply of sterling by injecting 375 billion pounds of stimulus, the pound rose 3.2 percent the past six months. That’s the best performance in a basket of 10 developed-nation currencies tracked by Bloomberg and including the euro and yen.

• The pound strengthened 0.3 percent to 78.43 pence per euro at 12:27 p.m. New York time and reached 78.32 pence, the strongest level since Oct. 31, 2008. It advanced 0.9 percent last week. Sterling rose 0.3 percent to $1.5628 after climbing 0.5 percent last week.

USD /CAD The Canadian dollar weakened against most of its major counterpart, as the nation’s 10-year bond yields declined to a record low.

• Canadian Dollar currency fell after U.S. retail sales unexpectedly declined for a third month. The Bank of Canada meets tomorrow, and policy makers are expected to hold interest rates at current levels, while Federal Reserve Chairman Ben S. Bernanke testifies before Congress. Foreign investors purchased a record C$26.1 billion ($25.7 billion) of Canadian securities in May.

Commodities

Oil traded near the highest level in seven weeks in New York amid speculation U.S. stockpiles will decline and tension with Iran may escalate.

• Oil for August delivery was at $88.53 a barrel, up 10 cents, in electronic trading on the New York Mercantile Exchange (NYMEX) at 1:14 p.m. Singapore time. The contract gained 1.5 percent to $88.43 yesterday, the highest close since May 29. Prices are 10 percent lower this year.

Gold advanced after data showed that U.S. retail sales unexpectedly declined last month, increasing speculation that the Federal Reserve will take more steps to shore up the world’s biggest economy.

• Spot Gold climbed as much as 0.4 percent to $1,596.25 an ounce, and was at $1,595.25 at 12:30 p.m. in Singapore. August- delivery bullion gained as much as 0.3 percent to $1,596 an ounce on the Comex in New York, and traded at $1,594.60.

Asian stocks rose for a third day amid optimism policy makers from China to the U.S. will do more to support the world’s largest economies amid a slowdown that prompted the International Monetary Fund (IMF) to cut its forecast for global growth.

• The MSCI Asia Pacific Index (MXAP) rose 0.8 percent to 116.62 as of 1:38 p.m. in Tokyo. Almost twice as many stocks rose as fell. The gauge gained yesterday after Premier Wen Jiabao said China will increase measures to support growth in the world’s second- largest economy.

European stocks rose for a third day, extending the Stoxx Europe 600 Index’s longest stretch of weekly gains in more than two years, as manufacturing in the New York region expanded more than forecast.

• The Stoxx Europe 600 Index (SXXP) advanced 0.2 percent to 256.73 at the close of trading. The gauge has climbed for six straight weeks, rallying 9.8 percent from this year’s low on June 4, as the European Central Bank (ECB)and People’s Bank of China cut their benchmark interest rates and euro-area leaders eased repayment rules for Spanish banks and conditions for possible Italian aid.

U.S. stocks fell, dragging the Standard & Poor’s 500 Index lower for the seventh time in eight days, after the International Monetary Fund (IMF)cut its global economic forecast and retail sales unexpectedly dropped.

• The S&P 500 (SPX) declined 0.2 percent, dropping to the level of 1,353.64 at 4 p.m.( New York time) after earlier retreating as much as 0.6 percent. The Dow slipped 49.88 points, or 0.4 percent, to 12,727.21 today.